Huobi Will Lay Off 30% Of Staff Citing Sharp Revenue Drop

Huobi will lay off 30% of its staff due to a sharp revenue drop and will join the list of crypto companies that will reduce the headcount amid the ongoing market downturn so let’s read more today in our Huobi news.

The current crypto downturn is taking a toll and we can see another exchange facing serious challenges. Huobi will lay off 30% of its staff and according to reporter Colin Wu, the exchange faced sharp revenue drops after the removal of Chinese users. At the time of writing, there hasn’t been any official confirmation from the paltform but it is worth noting that Huobi is far from being the only one to reduce the number of employees.

We saw earlier in June that Coinbase announced an 18% layoff and other companies like Crypto.co, BlockFi, byBit, and more, followed.

Also, Thailand’s Securities and Exchange Commission decided to revoke the license of the crypto exchange Huobi in the country, prompting the company to cease operations. In a statement on the Huobi website, the company explained that it will close the paltform down on July 1 permanently and is working to contact customers so that they withdraw their assets before it is too late. As per the data on CoinMarketCap, Huobi Global is in the top 10 exchanges with $2.3 billion in trading volume in the past day.

Huobi’s venture in Thailand was very short-lived and the company launched its platform in 2020 the services got suspended in early September 2021 after a ruling from the Thailand SEC. The agency cited a failure to comply with regulations and rules so that it holds the exchange accountable for operating in the country and decided to revoke the license after the company asked for extensions to fix issues IDs by the Thailand SEC which included trading, information technology systems, and customer asset retention.

Also as recently reported, The Ex Huobi senior manager is being prosecuted by the Hong Kong authorities after he was accused of illicit trading and netting $5 million. The case revolves around trading being executed in February and Mach of 2020 by Chen Boiling a former senior manager in Huobi’s institutional client’s department.
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Chen got arrested in May 2020 and charged with accessing the internal systems of the exchange with criminal or dishonest intent.