Indian cryptocurrency exchange WazirX laid off 40% of its workforce, affecting 50 to 70 employees out of a total of 150, as reported in early October 2022. The layoffs, which impacted multiple departments including customer support, HR, and the entire public policy team, were attributed to a severe bear market and global economic slowdown. The company cited a dramatic decline in trading volumes, exacerbated by India's challenging regulatory and tax environment for crypto, which made operations unsustainable.
