Brazil’s Biggest Crypto Exchange Mercado Bitcoin Cuts Ties with Over 20 Employees


One of the most important and largest virtual currency exchanges in Brazil by trading volume, Mercado Bitcoin, has fired over 20 employees. The main intention is to focus on better governance and a more professional customer service.

The information has been released by the news outlet Portal do Bitcoin, that has talked with four ex-employees that served at the company. According to some of them, the situation was ‘horrible’ and some workers were even crying about this decision.

As per these employees, senior executives started getting laid off at the beginning of the last week. Additionally, other employees were fired some days later. The company explained that it was carrying out some structural changes to improve customer services and other sectors.

Additionally, an employee at the company said that the working environment at Mercado Bitcoin was deteriorating since their work volume decreased over time.

On the matter, one of these employees commented:

“We created processes and presentations but everything kept getting stuck. Things that we did in an hour, now started being done in two days. Some people were really idle. I had nothing to do.”

Mercado Bitcoin seems to have fired employees that were working just a few months after coming from other companies. The exchange currently manages 30% of the total Brazilian Bitcoin's volume. In September it traded 4,150 BTC and in October 1965 BTC.

As per the report from Portal do Bitcoin, the exchange has been promoting some changes in the marketing, HR and administrative departments. Other sectors were left unchanged. The exchange operator informed that they fired only 20 people ‘only.’

XP Investimentos, Brazil’s biggest investment firm launched its XDEX cryptocurrency exchange in the country. At the same time, Huobi, one of the largest exchanges around the world by trading volume has also entered the Brazilian market.

Exchanges in the country have also been investigated by the country’s regulatory watchdog. In August, the government sent a questionnaire to these companies to learn more about the industry and the activities they conduct in the South American country. Those who did not answer the questions could face a fine of $25,000 dollars.

Other countries such as Japan, have also been controlling how cryptocurrency exchanges behave. In this way, it is possible to protect users and investors in the crypto market.

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