crypto exchange | Business Upturn

The Crypto exchange CoinDCX laysoff 12% of workforce

Dixita Hazarika — Tue, 22 Aug 2023 15:00:05 +0000

On August 22, founders of Crypto exchange CoinDCX, Sumit Gupta and Neeraj Khandelwal in a blog post said that CoinDCX had laid off around 12 percent of its workforce, citing changes of business priorities and the challenge of the business environment.

Foynded in 2018, CoinDCX is India’s most valuable crypto investment app, that is dedicated to make crypto accessible in a simple way.

This comes at a time when crypto startups, especially Indian exchanges, are struggling with regulatory uncertainty and have witnessed trading volumes decline by 85 to 90 per cent last year amid high taxes and TDS charges.

In the blog post, Gupta and Khandelwal told that startups and businesses globally were 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. Those factors had a significant impact on their volumes and thus revenues and to adapt, they undertook several proactive measures which included direct cost optimization and investment in automation to drive efficiency and productivity. They also reprioritized certain initiatives/products in line with their long-term business strategy.

Now the startup will be focusing on driving profitability and sustainable business.

The startup announced that they will be providing the laid-off employees with necessary assistance and resources, including severance pay equivalent to the full notice period, an additional salary of one month, variable pay and incentives owed, encashment of unused leaves, extension of health insurance and wellness benefits, and access to counselling support.

Crypto exchange Huobi will remove private tokens like Zcash and Monero from its platform

Aryan Jakhar — Mon, 12 Sep 2022 17:10:21 +0000

In response to growing regulatory anxiety throughout the world, Huobi, previously among the biggest Chinese cryptocurrency exchanges, will delist a number of privacy-focused currencies, including Zcash and Monero.

“Huobi Global strictly complies with the compliance policies of every country and always endeavors to safeguard our users’ assets,” the firm said in a statement dated Sept. 11. On September 19, a number of tokens will be taken off the market, including Zcash, Monero, Dash, Decred, Firo, and Verge.

Privacy tokens like Monero, in contrast to Bitcoin or Ether, are made to be untraceable. Many crypto supporters prioritise privacy, but there have been more regulatory worries in the digital-asset privacy space.

Tornado Cash, a project to conceal cryptocurrency transactions, has been accused of washing more than $7 billion in tokens since its creation in 2019 by the US Treasury Department’s Office of Foreign Assets Control. The organisation approved smart contracts, which are pieces of blockchain-based code, in addition to the digital wallets connected to Tornado Cash.

The British Virgin Islands’ financial watchdog recently granted Huobi a licence to run a cryptocurrency exchange there.

Blanket ban on cryptocurrencies could lead to more illegal practices: BACC

Ayisha Farah — Thu, 25 Nov 2021 16:24:39 +0000

On Thursday, the Blockchain and Crypto Assets Council (BACC), part of the Internet and Mobile Association of India (IAMAI), said a blanket ban on cryptocurrencies would promote non-state players, heading to more illegal activity practices of such currenciess. BACC’s statement arrives days after the government registered for proposal in Parliament a law to forbid all private cryptocurrencies, with some exclusions.

In a statement, IAMAI said there would be numerous adverse consequences of a prohibition, such as zero responsibility and traceability of the source and end usage of the cryptocurrencies, besides a complete deception of taxes. A ban will also unfavourably affect retail investors, it continued.

The statement said that the Council has consistently disputed banning private cryptocurrencies as a currency in India by the authority since practice as currency is expected to intervene with monetary policy and fiscal controls.

On the other hand, the Council has supported their practice only as an asset.
The Council said it considers that a smartly managed crypto assets business will shield investors, help control Indian buyers and sellers, lead to better taxation of the industry, and curb the unauthorised practice of cryptos.

The statement said that crypto exchanges based in India contribute an efficient monitoring instrument and are committed to producing an ecosystem that ensures investor protection besides bringing investors and exchanges under fair tax laws. The Council concluded that the exchanges’ efforts should be backed by a bill that should permit them to give safer services to investors and fair taxes to the government.

‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’, to be presented in the winter session of Parliament beginning November 29, attempts to “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India.
The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses”. The Blockchain and Crypto Assets Council (BACC) serves crypto exchanges in India and involves companies like CoinDCX, WazirX, and Coinswitch Kuber.