The number of employees cut is 71 out of approximately 590.
The exchange is laying off 71 employees whose roles do not fit into current business priorities, a company spokesperson told CoinDesk. The company has about 590 employees. Several teams were affected by the job losses.1% tax deducted at source on all transactions since Feb. 1 2022.
" ... startups and businesses globally are going through challenging times due to tough macro conditions, more so in crypto because of the prolonged bear market and impact of TDS on domestic exchanges," the company said."These factors had a significant impact on our volumes and thus revenues ... we have made the difficult decision to resize certain teams and to steer the business towards a profitable and sustainable growth.
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