According to the journalist Colin Wu, Huobi Global, a cryptocurrency exchange, may lay off more than 30% of its staff after a steep decline in revenue due to the removal of Chinese users. EXCLUSIVE: Cryptocurrency exchange Huobi will start layoffs, which may exceed 30%. The main reason is the sharp drop in revenue after the removal of all Chinese users. Previously, Bybit also announced a layoff plan. pic.twitter.com/jbRG2Aew5G — Wu Blockchain (@WuBlockchain) June 28, 2022 Huobi Global Discontinued Services in China From its more than 1,000 personnel workforce, Huobi anticipates removing at least 300 positions. Following the restrictions by China on cryptocurrency trading, it started to gradually discontinue providing services to Chinese users in September last year, with all access being withdrawn on December 31. Huobi Global, situated in Seychelles, is one of the most well-known cryptocurrency exchanges, with a daily trade volume exceeding $1.2 billion. Crypto Firms Laying off Workforce Due to the recent market downturn, competitor exchange Bybit announced a similar cost-cutting step last week and let off 30% of its personnel. Other cryptocurrencies-related services have also cut staff, including BlockFi, Bybit, and Crypto.com. This came after Coinbase (COIN) decided to lay off more than 1,100 workers. Four hundred workers were let go by Crypto.com, BlockFi, and other companies. Over the past seven months, the cryptocurrency ...
