Crypto exchange WazirX Layoff announcement.

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Wazirix the Indian No.1 crypto exchange is in the news again.

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The company said, " As India's number 1 exchange, our priority is to be financially stable and to continue serving the customers".

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 The crypto exchange as per the sources has laid off up to 40 % of its staff".

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 45 days' pay would be given to the laid-off workers.

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 The exchange has a workforce of about 150 employees.

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The reason is due to the slowdown in the global crypto market and the new taxation and regulations which came into force in 2022.

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 With a tumbling economy and negative reaction from global financial markets, the trading volumes in crypto have drastically come down in 2022.

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The new taxation and regulations have also caused many scalpers to reduce their trading volumes.

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