CoinDCX, one of India’s most prominent cryptocurrency exchanges, is cutting about 12% of its staff as the prolonged bear market hits revenue, it announced on Tuesday.

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.

India has imposed stiff taxes on crypto: A 30% tax on crypto profits and the more controversial 1% tax deducted at source (TDS) 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 (tax deducted at source) 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.”

This is a developing story.

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