Unocoin Reduces Staff by 50% Ahead of Indian Supreme Court Cryptocurrency Ruling

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Indian cryptocurrency exchange Unocoin has fired half its staff, leaving the company with 14 workers, Indian daily news outlet The Economic Times reported on April 16.

Citing regulatory uncertainty in the industry, Unocoin said it had made the decision prior to a Supreme Court hearing on cryptocurrency’s legal status in India, set for July.

As Cointelegraph reported, exchanges in the country have faced a moratorium on banking services since the central bank, the Reserve Bank of India (RBI), implemented a ban on dealings with crypto businesses last year.

The industry is in the process of fighting RBI’s decision, which has taken the form of a lengthy Supreme Court process.

Since its peak, Unocoin has fired over 80% of its staff,

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