Indian crypto exchange CoinDCX cuts staff amid bear market
CoinDCX, a top Indian crypto currency exchange , is slashing 12% of its staff as a prolonged bear market and the nation’s tax policies impact revenue. Founded in 2018 by Neeraj Khandelwal and Sumit Gupta, the Mumbai-based cryptocurrency exchange employs approximately 590 people. The company’s decision to lay off 71 employees across various teams mirrors a shift in its current business priorities. The latest development comes in the wake of a prolonged bear market in the cryptocurrency sector and India’s stringent tax policies, which have led to a fall in revenue. The Indian government has imposed a 30% tax on crypto profits and a 1% tax deducted at source (TDS) on all transactions since Feb.1, 2022. These measures, particularly the TDS, have had a dramatic effect on trading volumes, pushing India’s crypto exchange s into what many are calling “survival mode.” “Startups and businesses globally are going through challenging times due to ...