In what may be a sign that business in the cryptocurrency space is in a winding down phase, U.K.-based bitcoin exchange Coinfloor is bidding adieu to half of its staff.The company, which claims to be the oldest crypto exchange in London, has roughly 40 employees. More than half of them will be let go, Financial News reported, citing two sources close to the matter. The news broke early today, October 8, 2018. Coinfloor CEO Obi Nwosu confirmed the layoffs but declined to spell out exactly how many employees would be let go. He told Financial News the staff cuts were a normal response to a changing market environment.Following the market’s downturn at the beginning of 2018, a lot is changing in the cryptocurrency business. Since the beginning of the year, bitcoin has lost more than half of its value, and regulations across the globe are heating up. China has been taking increased action to clamp down on all things cryptocurrency, and, in the U.S., regulators are starting to get tough with crypto exchanges, unregistered securities dealers and questionable initial coin offerings. Amidst this shifting landscape, Coinfloor is not the only one to feel the market’s pinch. In September, Jesse Powell, the CEO of San Francisco-based exchange Kraken, said the company was cutting 10 percent of its client services team in a “cost-saving measure,” but denied rumors that the layoffs would amount to any more than that. ... For Further Information Click on Below Button