Huobi Global Could Cut Over 30% Workforce as China Crackdown Leads to Fall in Revenue

Cryptocurrency exchange Huobi Global could cut over 30% of its workforce after the removal of Chinese users lead to a sharp drop in revenue, according to China-based crypto journalist Colin Wu.

• Huobi is expected to cut at least 300 jobs from its workforce of more than 1,000 employees. It began to gradually stop serving customers in China last September, with all access being revoked on December 31 in the wake of China’s ban on crypto trading.

• The Seychelles-based Huobi Global is one of the most prominent crypto exchanges with daily trade volume regularly exceeding $1.2 billion, according to CoinGecko.
• Last week, rival exchange ByBit announced a similar cost-cutting measure and laid off 30% of its staff in light of the recent market downturn.
• This followed Coinbase’s (COIN) decision to reduce its headcount by over 1,100 employees. BlockFi and Crypto.com also laid off a total of 400 employees.
• The cryptocurrency market has slumped from an aggregated $2.9 trillion market cap to $938 billion over the past seven months, with bitcoin now trading at $20,800 after hitting an all-time high of $68,980 in November.
• Huobi’s native exchange token (HT) was down 1.16% cover the past 24-hours at $5.30.
• Huobi did not respond to CoinDesk’s request for comment at press time.

Read more: Coinbase Lays Off Around 1,100 Employees