Following the removal of Chinese users, which led to a sharp drop in its revenue, the cryptocurrency exchange Huobi global is reportedly laying off 30% of its employees.
According to a China-based crypto journalist, Colin Wu, Huobi is likely to cut off a minimum of 300 of its 1,000 staff.
Huobi’s drop in the number of Chinese users was due to China’s broad restrictions on transactions involving cryptocurrency in the country, a move that made it uneasy for the crypto exchange to operate in the country.
In a report by the Block, a spokesperson in the crypto firm said the Huobi has committed a significant part of its resources to employ new staff amid global expansion, but the firm is currently reconsidering the move due to the recent market conditions.
In a statement by the spokesperson, “Huobi Global is in the process of reviewing both its hiring policies and its current manpower, with the goal of realigning them to its operational needs. Further to such a review, lay-offs are a possibility.”
Huobi cryptocurrency exchange was founded in 2013, now based in Seychelles with close to 10 million users globally, it also has a daily trading volume close to $1.2 million according to Coingecko.
The crypto exchange market cap is now around $938 million compared to $2.9 billion in the past 7 months. Hitherto, Huobi has not made any formal release to affirm this report.
Amid crypto winter, crypto firms are increasingly laying off their employees, as earlier reported by MyCryptoParadise, Coinbase weeks ago laid off 18% of its staff, and Bybit exchange has also confirmed its plan to lay off staff but has not made any release on how many.
Bitso also announced its laying off plans amid crypto winter, many other crypto-related firms have reduced their number of employees since the market downturn, crypto.com, Gemini, and BlockFi to mention a few.
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