Due to low market activity, CoinSwitch, an Indian platform for crypto investment, reduced its customer support team by more than 35%.
A company spokesperson told CoinDesk that the 44 layoffs, which happened about three weeks ago, represented nearly 7% of the total workforce.
The firm added around 60 new employees since April, mainly in product tech and compliance, bringing its total staff to about 640 before the cuts.
The customer support team still has 82 members.
CoinSwitch is not the only one that had to adjust to a changing environment. CoinDCX, a competitor, also laid off 71 employees earlier this month, which was about 12% of its staff.
The reasons for the layoffs were a combination of a bearish crypto market and India’s tax regime, which reduced trading volumes and revenue.
India has imposed high taxes on crypto, such as a 30% tax on crypto profits and a controversial 1% tax deducted at source (TDS) on all transactions since Feb. 1 2022.