CoinDCX, one of India’s top crypto exchanges, is feeling the heat of the market downturn.
The company announced on Tuesday that it is cutting down its staff by 12%, affecting 71 employees across various teams.
In an internal email, CEO Sumit Gupta said that the layoffs are necessary to align the roles with the current business priorities.
The exchange, which has about 590 employees in total, had restructured its operations in January, but did not lay off anyone at that time.
However, the situation has worsened since then, as CoinDCX faces not only a sluggish market, but also a hostile regulatory environment in India.
The government has imposed a 30% tax on crypto profits and a 1% tax deducted at source (TDS) on all transactions since Feb. 1 2022.
Moreover, the Enforcement Directorate summoned CoinDCX and other crypto firms in July last year to probe possible violations of the Foreign Exchange Management Act (FEMA).