Huobi to cut 30% of its workforce
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Hardly a surprise, given that Chinese investors couldn’t trade on the platform
One of the biggest cryptocurrency exchanges — Huobi — will cut its staff by almost one third amid a sharp drop in revenue. The latter is associated with the Chinese users’ ban in September last year.
The company itself did not make statements regarding potential layoffs as of today. But, according to journalist Colin Wu, Huobi’s layoffs may even exceed 30%.
And here’s what lead to it. In September 2021, Huobi discontinued registrations of users from mainland China and announced that it would delete existing accounts by December 31. This was due to the newest restrictions in the crypto industry imposed by the Chinese government.
Huobi is not the only crypto company that plans to fire a part of its workforce. On June 24, the Bitpanda announced the upcoming layoff of 730 employees. The company’s management explained the move as a desire to get out of the bear market while staying “financially sound”.
Among companies that announced the staff optimizations are BitMEX, Robinhood, Gemini, Bitso and the parent company of the Brazilian exchange, Mercado Bitcoin. Coinbase will cut its staff by about 18%, while blockchain platform BlockFi will cut its staff by 20%. In June, Crypto.com CEO Chris Marszalek announced plans to lay off about 260 employees.
Previously, Bybit also announced a layoff plan. According to Colin Wu, Bybit is also going to cut staff by 30%.
Source: Colin Wu’s Twitter
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