One of India’s Largest Crypto Exchanges Lays Off 71 Employees

CoinDCX, one of India’s major exchanges, sadly had to resort to layoffs, releasing 12% of their staff in 2022-2023 in response to the economic and regulatory hardships brought on by the fall of the cryptocurrency market.

Founded in 2018, CoinDCX had grown to a team of 590, but the tightened fiscal policy in India against blockchain businesses and the lack of trading activity put a strain on their income.

Co-founder Sumit Gupta expressed their grief and responsibility regarding the dismissals:

“We had to take the step of saying goodbye to some of our team members. We regret this and are responsible.”