Saturday, December 10, 2022

Indian exchange WazirX retrenches 40% of its employees – World Nation News

El exchange de la India, WazirX, cede al bear market y despide al 40% de su personal

WazirX, one of the main exchanges Indian crypto on Saturday reduced its workforce by 40% following a prolonged crypto meltdown.

Reports revealed that between 40 and 70 employees out of 150 employees impressed by the company’s decision. Affected workers will still receive payment for 45 days.

The move follows similar ones made by various crypto companies such as Gemini, Coinbase, BlockFi,, Call and even Market Because of NFT, OpenSea bear market,

Why WazirX is reducing its workforce

WazirX holds responsible for its decision bear market Present. According to the firm, Indian crypto regulatory issues like taxes, regulationss and banking access, have contributed to a reduction in the amount of Business in crypto exchanges Indians.

WazirX Said Downsizing This will help you weather the crypto winter and also maintain stability.

Reports have revealed that workers in positions like Managers, Analysts, Associate Managers and Leaders Tools from departments such as human resources, customer service, public policy and communications were affected.

Property of Authority of India and WazirX

WazirX workforce reduction Happens even at times when transactions Fighting with Indian authorities to confiscate his assets.

Enforcement Directorate (ED) The Indian government froze about $8 million worth of exchange assets in August over allegations of money laundering.

According to ED, WazirX and some others exchanges In-country transfer processed The Rs 2,790 crore (over $350 million) purse is being scrutinized. ED also alleged transactions Not doing due diligence which includes KYC and even a suspicious transaction report.

The fund was released later in September. Even then, Announcement to unfreeze assets, WazirX They said they are cooperating with the authorities during the investigation. He said the fund was not frozen as no suspicious activity was found.


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