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Bahrain-based crypto exchange Rain Financial to lay off over a dozen staff

Crypto companies Gemini Trust Co. and Coinbase Global Inc. have also announced staff cuts

Trading in Bitcoin illegal in Saudi Arabia, officials warn

Bahrain-based crypto exchange Rain Financial Inc has said they will lay off over a dozen employees as crypto markets remain red, with Bitcoin tumbling more than 55 percent from its record high in November.

“As cryptocurrencies and global markets continue to slow down, this has in turn impacted businesses across the globe,” Co-founder and Chief Executive Officer Joseph Dallago said in a statement, as reported by Bloomberg. “We have had to make tough decisions to be able to navigate through this period of uncertainty and we can confirm we have downsized our Rain workforce.”

Rain is backed by Silicon Valley venture capital firm Kleiner Perkins and Coinbase Ventures.

Crypto markets, known for their high volatility, have plummeted, with Bitcoin down nearly 20 percent and Ethereum down close to 33 percent, as of Thursday afternoon, according to Coinbase.

On the same day, employees at crypto business Gemini Trust Co., which is run by brothers Cameron and Tyler Winklevoss, were told the company would be cutting 10 percent of the workforce.

Today, Coinbase Global Inc. said it would extend a hiring freeze for new and existing positions for the “foreseeable future”, according to a memo to employees that Bloomberg reported on.