WazirX Lays Off 40% of Its Employees

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WazirX, an Indian exchange, announced in a statement shared with CoinDesk on Saturday that it had fired a number of staff members. 50 to as many as 70 employees or 40% of the exchange’s workforce of 150, were laid off. The laid-off workers were told on Friday they would be paid for 45 days, they would not be required to report for work henceforth and their accesses were withdrawn simultaneously.

“The crypto market has been in the grip of a bear market because of the current global economic slowdown The Indian crypto industry has had its unique problems with respect to taxes, regulations, and banking access. This has to lead to a dramatic fall in volumes in all Indian crypto exchanges.” WazirX said in a statement on Saturday

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