The exchange said it had nothing to do with FTX, although the job cuts are a result of the cryptocurrency decline caused by FTX.
Australian cryptocurrency exchange Bitnikex cut 90 jobs because of the downturn in the cryptocurrency market, the firm said Monday.
The exchange had 259 employees before the layoffs, which means Bitnikex is cutting 35 percent of its total workforce, according to a spokesperson.
Bitnikex also said it has no direct connection to the bankrupt FTX cryptocurrency exchange, but that the job cuts are a result of the cryptocurrency market downturn caused by FTX.
According to a blog post by Bitnikex co-founder Alex Harper, the cryptocurrency exchange has about 630,000 customers.
The job cuts come at a time when the crypto market is faltering due to the failure of FTX and the subsequent market downturn. Cryptocurrency exchange Bybit announced a 30% layoff on Sunday.
