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%. 

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

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

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

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

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

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

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