Indian crypto exchange WazirX has laid off 40% of its workforce

Indian crypto exchange WazirX has laid off 40% of its workforce, CoinDesk reported. WazirX stated that due to the current global economic slowdown, the encryption market has been in a bear market, and the Indian cryptocurrency industry has unique problems in terms of taxation, regulations and bank access, which has led to a sharp decline in the trading volume of cryptocurrency exchanges in India. In order to maintain financial stability, staff had to be laid off to survive the cryptocurrency winter. The workforce has been cut across multiple departments, including customer support, human resources and others, including the entire public policy and communications team, the sources said.