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Usha Yadav
Oct 1, 2022
by Usha Yadav

Crypto Exchange WazirX Lays Off 40% Of Its Employees: Sources

WazirX

Table of contents

  1. WazirX Laying Off Employees
  2. Indian Crypto Exchange Encountering Issues
WazirX, an Indian exchange, stated that it had fired several staff members. According to sources, at least 50 employees - or 40 percent of the 150 people employed by the exchange - were let go. On Friday, it was announced to the laid-off staff that they would get paid for 45 days, would not be expected to report for work going forward, and that it revoked their access simultaneously.
"The crypto market has been in the grip of a bear market because of the current global economic slowdown," WazirX said in a statement on Saturday.

WazirX Laying Off Employees

One of the sources claimed that several departments, including "customer service, HR, and others," have reduced their staff. Those let go included "managers, analysts, associate managers, and team leaders." Another sacked employee said that the firm fired the public policy and communication employees.

According to data from CoinGecko, WazirX daily trading volumes have been steadily decreasing from a one-year high of 478 million on October 28, 2021, to 1.5 million on October 1, 2022. Some days' trading volumes have been less than one million, and "this is not enough to support operations," according to the sources.

Indian Crypto Exchange Encountering Issues

The Indian exchange has recently encountered several issues, including an online argument between Shetty and Changpeng Zhao, CEO of Binance, on whether Binance is the parent firm of the Indian exchange. As per data by CoinGecko, daily trading volumes were about 5 million during the spat but decreased to fewer than 2 million subsequently. The Indian Directorate of Enforcement's (ED) money laundering investigation, which included a raid on one of WazirX's directors, also targeted WazirX.

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Crypto Exchange Wazirx Layoffs employees
Crypto Exchange WazirX Lays Off 40% Of Its Employees: Sources
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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