Check out Why CoinDCX Exchange is Cutting 12% of Jobs

CoinDCX, a major cryptocurrency exchange in India, has revealed plans to reduce its workforce by about 12%.

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The decision to cut jobs comes as the exchange grapples with challenges stemming from the prolonged bear market.

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The exchange will be laying off 71 employees, representing approximately 12% of its total workforce.

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The job cuts will primarily affect employees whose roles are not aligned with the exchange's current business priorities.

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The extended bear market in the cryptocurrency sector has led to reduced revenue for CoinDCX, prompting the need for cost-saving measures.

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The impact of 1% Tax Deducted at Source (TDS) on all transactions since February 2022, have affected the exchange's trading volumes and revenue.

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India has introduced strict tax regulations on cryptocurrencies, including a 30% tax on crypto profits and a 1% TDS on all transactions.

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CoinDCX's decision to cut jobs is a response to the challenges posed by the extended bear market and the impact of regulatory measures, including taxes

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