​​Bitcoin exchange WazirX cut staff by 40% Indian cryptocurre | Crypto_NFT

​​Bitcoin exchange WazirX cut staff by 40%

Indian cryptocurrency exchange WazirX has laid off 50 to 70 employees, or about 40% of its staff. This is reported by CoinDesk, citing three informed sources.

According to the publication, employees were promised severance pay equal to 45 working days' pay. Representatives of the platform confirmed the reduction in staff without specifying the specific number of layoffs.

“The crypto market is in the grip of a bearish trend due to the current global economic downturn. The Indian crypto industry has faced unique challenges with regards to taxes, regulation and banking access, resulting in a sharp drop in trading volumes across all local platforms,” WazirX said in a statement.

The company prioritized "financial stability and continued customer service", which led to a reduction in employees in the context of the crypto winter.

“The crypto industry works in cycles, and a bear market is inevitably followed by an impressive bull market. We will continue to evolve and focus on the needs of our customers,” WazirX added.

One of the sources noted that the reductions affected several departments, including the help desk, human resources department and others.

In August, the Indian authorities suspected WazirX of laundering money in the amount of more than $350 million. At the same time, the head of Binance, Changpeng Zhao, denied the purchase of the exchange - his company announced the deal in 2019.

WazirX co-founder Nishal Shetty disputed a number of statements by the head of Binance regarding the relationship of the platforms.