WazirX is India’s largest crypto exchange. Starting in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the Binance group, which is the world's largest crypto exchange, serving users in 180 countries. Recently they laid off 40% of their workforce. After laying off 40 per cent of its workforce, crypto exchange WazirX has finally come up with its official clarification on the issue, blaming the global economic slowdown for its abrupt decision.
The firm believes that the layoffs will allow it to maintain its financial situation to survive the bear market. Employees in all departments have been impacted. They were said that they would be paid for 45 days of work and that they would no longer be required to report for work.
According to CoinDesk, India-based crypto exchange WazirX laid off more than 50 people on Saturday. The crypto exchange has laid off as many as 70 employees or approximately 40% of its total workforce. The Indian crypto industry had its own problems, leading to a tremendous fall in all Indian crypto exchanges.
According to CoinGecko data, WazirX daily trading volumes have been steadily declining from a one-year high of 47.8 crores on October 28, 2021, to 15 lakh on October 1, 2022. WazirX’s layoffs come nearly two months after Indian authorities began investigating the company for claimed money laundering. India’s Directorate of Enforcement froze $8 million worth of WazirX’s funds on August 5, 2022. After WazirX’s funds were frozen, Binance co-founder and CEO Changpeng Zhao claimed that the acquisition of WazirX never actually occurred.
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