WazirX, one of the fastest growing cryptocurrency exchanges in India, has laid off approximately 40% of its workforce citing the prolonged bearish condition of the crypto industry.
WazirX Cuts Workforce By 40%
One of India’s leading crypto exchanges, WazirX has reduced its workforce by approximately 40%. According to WazirX, the decision is a result of the prolonged bearish condition of the crypto market.
According to reports 40-70 employees of the company’s 150 workforces were affected by the job cut. Managers, Analysts, and Team Leaders of departments like HR, Customer Support, Public Policy, and Communication were affected.
Reasons for WazirX’s Job Cut
In addition to the crypto winter, WazirX said that the regulatory uncertainty in India, high taxes on cryptos, and banking access restrictions have contributed to a decline in crypto trading volumes on Indian exchanges.
In August, $8 million worth of the exchange assets were frozen by India’s Directorate of Enforcement (ED) over money laundering allegations. In mid-September, the funds were released after the allegation was deemed false.
WazirX reported that the job cuts will help the company manage the crypto winter and also maintain stability as it navigates the uncertain regulatory clime of India.
On the Flipside
- On Friday, September 30, the ED announced that it has frozen more funds, in Bitcoin (BTC), Tether (USDT), and Wazirx Token (WRX) in the account of WazirX.
Why You Should Care
WazirX’s move mirrors that of many crypto companies like Gemini, Robinhood, Coinbase, BlockFi, Crypto.com, and OpenSea, who have cut jobs to better manage the winter.
WazirX’s battle with the ED is covered in:
India Unfreezes WazirX Accounts, Exchange Continues to Cooperate
Read about WazirX’s recent stablecoin delisting in:
Premier Indian Exchange WazirX Delists Stablecoins To Boost Binance’s BUSD
