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Coinfloor, UK’s oldest cryptocurrency exchange is laying off the majority of its staff in a “business restructuring process.”

Financial News spoke to Obi Nwosu, Coinfloor’s CEO and reported that the exchange has decided to give the pink slip to a greater part of its 40-strong workforce.

London-based Coinfloor started operations in 2013 and is the oldest exchange in the UK catering to institutional and high net worth investors. Its daily trading volume is around $1 million and has traded $1 billion in Bitcoin in the past year. However, the bearish market that has extended its streak to almost nine months is slowly taking its toll. Market leader Bitcoin has lost nearly 70% of its value from its December 2017 high of more than $20,000.

Nwosu said that Coinfloor was undergoing a “business restructure to focus on their competitive advantages in the crypto market.” To best serve the needs of the clients, they were removing redundancies and making some staff changes.

Canada-based crypto exchange Kraken was also in the news recently amid rumors of staff layoffs. However, Kraken denied the rumors, saying that it was neither laying off staff nor was it closing its business.

While the bear market is forcing staff layoffs in some parts of the world, harsh and almost unreasonable regulations are also forcing crypto ventures to shut shop in other regions. Last month, one of India’s oldest and most trusted crypto exchanges, Zebpay decided to terminate its services, citing the challenging regulatory environment in India.