Huobi Global Plans to Layoff 30% of its Personnel Due to Multiple Factors

  • Huobi had to remove its Chinese customers by the end of December last year.
  • Huobi has secured additional licenses in New Zealand and the United Arab Emirates.

Huobi Global, one of the world’s leading cryptocurrency exchange, is considering laying off more than 30 percent of its workers, according to crypto-journalist Colin Wu. Due to Beijing’s crypto prohibition, Huobi had to remove its Chinese customers by the end of December last year.

To make matters worse, Thailand’s Securities and Exchange Commission canceled Huobi’s operating license barely two weeks earlier, forcing the company to shut shop in July. The crypto exchange declared in November of last year that it would no longer be able to provide services to its consumers in Singapore due to a series of unsuccessful growth attempts.

Industry-Wide Layoff Observed

In addition to Huobi, several cryptocurrency exchanges, including Bybit, Coinbase, and Crypto.com, have also revealed intentions to reduce their workforces. Due to the crypto winter’s dramatic cost-cutting efforts, multi-million dollar sports sponsorships have been halted entirely.

On the other hand, Huobi has secured additional licenses in New Zealand and the United Arab Emirates as part of its worldwide expansion strategy. Huobi Group secured its first-ever license to operate in Dubai International Financial Centre (DIFC) this month.

According to Huobi Group CFO Lily Zhang, the DIFC license is not a trade license but rather an authorization for Huobi to provide incentives to technological start-ups that want to locate in Dubai. Benefits such as preferential treatment for technological research and development, money flows, and taxes may be gained by obtaining a license.

It is hoped that Huobi will also get a Virtual Asset MVP License from Dubai, enabling the business to provide the complete spectrum of cryptocurrency exchange goods and services.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.