Indian cryptocurrency exchange CoinSwitch lays off 44 employees due to market downturn

ChainCatcher news, according to local media in India, Indian cryptocurrency exchange CoinSwitch has chosen to lay off 44 employees from its support team, citing a market downturn. The team currently has 82 members. A spokesperson stated, "The layoffs occurred three weeks ago and account for less than 7% of the total workforce." "As trading volumes increase, we will open new positions, and we will welcome back those affected employees."

Previously, it was reported that its competitor CoinDCX laid off 12% of its staff due to the bear market and tax impacts. It is reported that India has imposed a 30% tax on cryptocurrency profits since February 1, 2022, and a more controversial 1% Tax Deducted at Source (TDS) on all transactions.