Indian Crypto Exchanges CoinSwitch and CoinDCX Make Staff Cuts Amid Bear Market and Tax Challenges
Summary:
Indian crypto exchange CoinSwitch has reportedly laid off 44 employees from its customer support division, citing redundancy amid the bear market conditions. This comes shortly after another major exchange, CoinDCX, also announced staff reductions. Both exchanges face challenges from market conditions and the impact of the 1% tax deducted at source (TDS) on local crypto exchanges in India.
Indian cryptocurrency exchange, CoinSwitch, has reduced its workforce due to the prolonged cryptocurrency bear market. The company has reportedly laid off 44 employees from its customer support division, citing redundancy in roles as customer queries decrease. CoinSwitch stated that this decision was made to align with the current volume of queries on the platform. The employees voluntarily resigned from their roles after discussing it with their managers. These layoffs account for approximately 8% of CoinSwitch's total headcount, which currently stands at 519 employees. CoinSwitch did not respond immediately to a request for comment. This news comes shortly after another major Indian exchange, CoinDCX, also announced a reduction in staff by 12%. Both exchanges have faced market challenges and the impact of the 1% tax deducted at source (TDS) imposed on local crypto exchanges.
Published At
8/29/2023 1:05:38 PM
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