India cryptocurrency stock market WazirX, said in a statement today that it has laid off some of its employees. It was stated that 40% of the 150-person workforce of the stock market was laid off. The laid off workers were told they would be paid for 45 days.
Indian Cryptocurrency Exchange WazirX lays off 40% of its employees
WazirX said in a statement today, “bitcoin and the crypto market is in the grip of a bear market due to the current global economic slowdown.”
The Indian crypto industry has had its own unique issues with taxes, regulations and banking access.
This led to a drastic drop in volumes on all Indian crypto exchanges.
“As India’s #1 stock exchange, our priority is to be financially stable and continue to serve our customers,” the company said.
However, one of the WazirX employees, who suddenly lost his job, said, “The company has never been frank and transparent about its financial situation, neither when it was in good shape nor is it now.”
Among those laid off are managers, analysts, assistant managers/team leaders.
WazirX daily trading volumes fell steadily from a high of $478 million on October 28, 2021 to $1.5 million on October 1, 2022.
Shortly after India introduced harsh crypto tax laws in March 2022, trading volumes began to slump when WazirX Co-Founder Nischal Shetty said we were entering a troubling time.
WazirX was also the target of a money laundering investigation initiated by the Executive Directorate of India, which included a raid on one of WazirX’s executives.
*Not investment advice.
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