WazirX, an Indian cryptocurrency exchange, Fires 40% of its Staff
WazirX, a major cryptocurrency exchange in India, has cut off nearly 40% of its workforce, blaming the bear market and the country's regulatory environment for the decline in trading volumes.
According to a local news source, the Economic Times, this figure represents 50 to 70 of the exchange's 150 total employees. In a statement, WazirX said that the action will benefit it in upholding its financial stability and continuing to provide for its clients.
"Regarding taxes, rules, and banking access, the cryptocurrency industry in India has seen some special issues. All Indian cryptocurrency exchange volumes have fallen dramatically as a result of this. Our top priorities as India's top exchange are maintaining our financial stability and providing excellent customer service. We've got to cut back on staff to weather the crypto winter in order to accomplish this "The sentence was read.
WazirX added that it had experienced the 2018 cycle and was thus not a stranger to crypto bear markets. It doubled down at the moment and created its ground-breaking peer-to-peer engine. This is one of the reasons it is certain that when the market turns bullish once more, it will emerge stronger.
The article states that the impacted employees have already been contacted and would receive help in addition to around 45 days' pay as compensation. The corporation eliminated employees from a number of divisions, including customer service and HR, where they included managers, analysts, and associate managers/team leaders.
WazirX is having additional issues amid the bad market in cryptocurrency.
The company is also embroiled in other disputes, which add to the instability produced by the collapse of the global cryptocurrency market and India's tax legislation for cryptocurrency ventures. Nischal Shetty, a co-founder of the exchange, and Changpeng Zhou, the CEO of Binance, have engaged in an online argument (also CZ).
CZ claimed on Twitter that, contrary to popular belief, Binance is not connected to WazirX because a purchase transaction was never finalized. Nischal refuted the assertion by citing the WazirX terms of service. He added that Binance owns the domain name of the exchange, has root access to its AWS servers, and owns all of its cryptocurrency assets and revenues.
The exchange has also recently resolved a disagreement with India's Enforcement Department (ED), which had its accounts frozen for more than a month in order to combat financial crime. According to Reuters, the ED has unfrozen assets worth up to $8.16 million that it had previously linked to questionable transactions as a result of an inquiry.