Indian cryptocurrency exchange WazirX has confirmed that it has laid off 40% of its staff as the bear market continues to take its toll.

Cryptocurrency exchange WazirX has announced that it has let go of more than 70 members of its staff. The news was first reported on Saturday by CoinDesk citing sources familiar with the matter. WazirX said in a statement:

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 led to a dramatic fall in volumes in all Indian crypto exchanges.

The company’s announcement comes almost two months after Indian authorities said it was investigating WazirX for alleged money laundering. India’s Enforcement Directorate in August froze WazirX bank balances worth around $8 million, but the company said in early September that its bank accounts have since been unfrozen.

The company said that employees were informed on Friday of the layoffs and would be paid for the next 45 days. Former employees have however been told they no longer have to report for work. Sources say that staff was cut from multiple departments including human resources and customer support. Analysts, managers, and associate team leaders are among the staff that has been let go. According to an employee that lost their job, the entire public policy and communication team was let go.

The crypto exchange recently announced that it has removed the USDC stablecoin from its listings.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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