Last Updated on October 2, 2022 by Bitfinsider
Multiple employees have been let off by Indian exchange WazirX, according to a statement from the business. A total of 50 to 70 people, or 40% of the 150 workers at the exchange, were let go. The laid-off employees were informed on Friday that they would be paid for 45 days, that they would no longer be needed to report for work, and that their access would be revoked at the same time.
“The crypto market has been in the grip of a bear market because of the current global economic slowdown,” Wazir announced in a statement. The company further added: “The Indian crypto industry has had its unique problems with respect to taxes, regulations and banking access. This has lead to a dramatic fall in volumes in all Indian crypto exchanges.”
As India’s top exchange, the business stated that maintaining financial stability and providing for its clients was a top responsibility. “To achieve this, we’ve had to reduce our staff to weather the crypto winter. This situation is similar to the trying times the industry faced in 2018; at that time, we doubled down and built our innovative P2P engine. The crypto industry operates in cycles and the bear market is inevitably followed by a spectacular bull market. We will continue to focus on our customer needs and continue to build. We are confident that we will come out stronger when the bull market arrives.”
According to data, WazirX daily trade volumes have been steadily decreasing from a one-year high of 478 million on October 28, 2021 to 1.5 million on October 1, 2022. Some days’ trading volumes have been less than one million, and “this is not enough to support operations,” according to the sources. The decrease in trade volumes started soon after India’s strict crypto tax legislation went into effect in March 2022.
The Indian exchange has seen a number of issues recently, including an online argument between Shetty and Changpeng Zhao, CEO of Binance, on whether Binance is the parent business of the Indian exchange. Above the time of the dispute, daily trading volumes were around 5 million, but afterward, they fell to fewer than 2 million.
The Indian Directorate of Enforcement’s money laundering investigation, which included a raid on one of WazirX‘s directors, also targeted WazirX.
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