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 difficult decision was made a result of the prolonged bearish conditions prevailing over the crypto market.
According to reports, between 40 to 70 employees from the company’s workforce of 150 were affected by the job cuts, with Managers, Analysts, and Team Leaders from departments such as HR, Customer Support, Public Policy, and Communications all feeling the brunt of the decision.
The Reasons for WazirX’s Job Cut
In addition to blaming the trials of the crypto winter for its predicament, WazirX made reference to regulatory uncertainty in India, the high taxation on crypto, and banking access restrictions, which have all contributed to a decline in crypto trading volumes among Indian exchanges. Â
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In August, $8 million worth of the exchange’s assets were frozen by India’s Directorate of Enforcement (ED) due to money laundering allegations. In mid-September, the funds were released after the allegation was deemed false.
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WazirX underlined that the job cuts would help the company better manage the crypto winter, and also maintain stability as it works to navigate India’s unclear regulatory landscape.
On the Flipside
- On Friday, September 30th, the ED announced that it had frozen additional funds from WazirX’s account, with Bitcoin (BTC), Tether (USDT), and its own WazirX Token (WRX) among the affected assets.
Why You Should Care
WazirX’s move mirrors the measures taken by many crypto companies this year, with Gemini, Robinhood, Coinbase, BlockFi, Crypto.com, and OpenSea all electing to reduce their headcounts in order to better manage the winter.
WazirX’s battle with the ED is covered below:
India Unfreezes WazirX Accounts, Exchange Continues to Cooperate
Read about WazirX’s recent delisting of stablecoins:
Premier Indian Exchange WazirX Delists Stablecoins To Boost Binance’s BUSD
