Cryptocurrency exchange Huobi Global might lay off more than 30% of its workforce due to a sharp drop in revenue, according to crypto reporter Colin Wu.
This was due to Beijing’s crypto ban which forced Huobi to drop its Chinese users by the 31st December last year.
The hits keep coming for Huobi as just two weeks ago Thailand’s Securities and Exchange Commission had revoked its operating license, forcing it to shut down in July.
In a series of failed expansion ambitions, the crypto exchange had announced in November last year that it will no longer be able to offer services to its users in Singapore.
Huobi, however, is not alone in its layoff plans as its other crypto exchanges including Bybit, Coinbase, Crypto.com and BlockFi all announced that they would be significantly reducing their workforce.
The crypto winter had resulted in drastic cost-cutting measures including the halt of multi-million dollar sports sponsorships.
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
