The onset of Crypto Winter is not only affecting retail investors. Six of the most important cryptocurrency exchanges in the U.S. and Latin America have announced massive layoffs and changes in their hiring policies to adapt to the new macroeconomic circumstances.

2TM, the company behind Mercado Bitcoin, announced it would lay off 12% of its 750 workers due to “changes in the global financial landscape.” Mercado Bitcoin is the largest crypto exchange in Latin America by trading volume.

“The scenario requires adjustments that go beyond the reduction of operating expenses, making it necessary also to lay off part of our employees,” said 2TM in a statement. “The process we have carried out has been guided by transparency and respect, to honor the legacy of each employee who has helped us get this far.” 

Bitso lays off 10% of its staff, Buenbit lays off 45%

Last week, other major LatAm crypto companies took similarly bearish measures.

Bitso, Mexico’s largest exchange and the second-largest Latin American crypto platform, announced the cutting of 80 employees last Thursday amid tightening conditions affecting the industry.

Bitso had more than 700 employees when the measure was announced. The policy changes are focused not only on staff reduction but also on redesigning the company’s activities. All in all, the company still has about 60 vacancies in strategic areas such as accounting, tax, legal consulting, fraud detection, and product and software development.

Buenbit, one of the leading cryptocurrency investment platforms in Argentina, had to take more drastic…

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