CoinSwitch, an India-based cryptocurrency exchange, has laid off 44 of its 126 customer service department employees, according to MoneyControl.
This is 7% of the company’s total headcount (640 people).
CoinDesk confirmed this, adding that the firm has hired approximately 60 people since April, with their roles mainly focusing on product development and compliance.
Similarly, Rival exchange CoinDCX reported 12% in layoffs in August due to what they cite as tightening regulations and market conditions.
WazirX reported cutting their headcount by 40% (50-70 employees) in October, as per media reports.
India has made changes in taxes that apply to cryptocurrency transactions; now 30% is applied to transactions with cryptocurrencies and 1% is applied to TDS.