Lays Off 25% of its Employees Amid Market Downturn Lays Off 25% of its Employees Amid Market Downturn

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Since the inception of the current bear market, more crypto firms have been laying off their staff to keep their businesses afloat, the crypto exchange, has now enlisted its name in the list of firms that lay off part of its workforce.

On Thursday, the company disclosed its intent to reduce its number of staff by 20% equating to 150 employees, citing the current harsh bear market conditions as its reason.

In a recent report by MyCryptoParadise, lost about $270 million on its exposure to the troubled crypto lender, Three Arrows Capital, although the firm assured users of remaining liquid despite its exposure.

In the past few months, has expanded beyond its usual size after increasing its workforce from 150 to 600 employees.

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Even though the firm has been planning to expand its presence globally due to increased demand for its services in regions like Africa, Europe, and the US. in its recent announcement said it is halting global expansion as the “crypto winter” is taking forever.

The firm has revealed its plans to close down its Argentina-based offices and cancel its expansion team set up for different countries. Some 44% of the impacted employees are in Argentina, 26% in the US, 16% in the UK, and the remaining from the rest of the world, according to the company.

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