Indian Crypto exchange WazirX, trading volumes crashed and as a result, it laid off 40 percent of its staff.
According to the data provided by CREBACO, a crypto research firm, the trading volume for WazirX fell more than 90 percent from August to September 2022.
Another data provider platform CoinGecko recorded that WazirX’s daily trading volume is reduced from 478 million in October 2021 to
around 1.5 million as on October 1, 2022.
According to WazirX, it had to reduce staff to “weather the crypto winter” because the crypto market has been in the grip of a bear market
due to the current global economic slowdown.
In addition, the Indian crypto industry has had its own unique problems with respect to taxes, uncertain regulations & Indian government’s attitude towards cryptocurrency as 3 crypto exchanges in India is under investigation for 3.5 Billion dollars in drug trade transactions via them.
Earlier this year on August 5, 2022, the ED of India had frozen WazirX’s bank accounts containing Rs64 crore of the company’s money.