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Crypto exchanges hunker down as everything goes wrong in India

With token prices plummeting, customers unable to transfer money to their accounts and a dreaded tax on cryptos just around the corner, exchanges like WazirX have put expansion plans on back burner

An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong on Feb. 17, 2022. Cryptocurrencies have experienced their worst plunge since 2018. (AP Photo/Kin Cheung, File)
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Bloomberg
India’s largest digital assets exchanges are bracing for a drawn-out crypto winter — one with some unwelcome local twists. 

With token prices plummeting, customers unable to transfer money to their accounts and a dreaded transaction tax on cryptocurrencies just around the corner, exchanges like Binance-backed WazirX have put expansion plans on the back burner. 

“We have cut down all our non-critical costs,” said Rajagopalan Menon, WazirX’s vice president. “We are hiring only critical hires, we aren’t spending money at all. It’s literally crypto winter here,” he said, using industry jargon for an extended bear market. 

WazirX isn’t alone. Rival exchanges

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First Published: Jun 26 2022 | 3:04 PM IST

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