Indian cryptocurrency exchange Unocoin has removed half of its employees, the company has left with 14 workers, Indian daily news outlet The Economic Times reported on 16th April.
Quoting regulatory uncertainty in the industry, Unocoin said that it had taken a decision before the Supreme Court’s decision for July to decide on the legal status of cryptocurrency in India.
As stated that the exchanges in the country had to face the ban on banking services last year by the central bank Reserve Bank of India (RBI). Last year banned the business of the cryptocurrency.
The industry is in the process of fighting the decision of the RBI, which has taken the form of a long process of the Supreme Court.
Since its peak, Unocoin has removed more than 80% of its employees and is currently shutting down the capital stock because executives are waiting for news about the future.
Satvik Vishwanath, CEO of “The Economic Times” said, “We asked people to leave last week, but our operations will continue for the future.” He continued:
“We have some amount of reserves to push through for the next couple of months and will wait for the Supreme Court’s verdict.”
In early April, fellow Indian exchange Coindelta announced that it is issuing operations for the best while citing the highly tax regulatory platforms currently facing in the country.
Throughout the world, other crypto businesses have been pinched for different reasons in recent months, the cost of Bitcoin (BTC) has dropped from $ 6,500 to $ 3,130 in November 2018, which is mining giant Mineman and Blockchain Tech Firm Promotes a range of cost reductions from companies such as ConsenSys.