Huobi plans to cut 30% of staff

The cryptocurrency exchange Huobi will cut its staff by 30% amid a sharp drop in revenue after the ban on users from mainland China in September last year, according to journalist Colin Wu.

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

In September 2021, Huobi stopped registrations of new users from mainland China and announced that by 31 December it would remove existing accounts. The crackdown by the Chinese government on the crypto industry prompted the move.

The company had not issued statements regarding potential layoffs. According to CoinGecko, Huobi is one of the largest spot trading platforms for digital assets — daily trading volume on the exchange exceeds $1.2 billion.

Amid the crisis, many players in the crypto industry are trimming headcount.

On June 24, broker Bitpanda reported the impending layoff of 730 employees. The company's leadership said the move was designed to come out of the bear market financially healthy.

BitMEX, Robinhood, Gemini, Bitso и материнской компании бразильской биржи Mercado Bitcoin.

Coinbase сократит штат примерно на 18%, а криптолендинговая платформа BlockFi — на 20%.

In June, Crypto.com CEO Kris Marsalek announced plans to lay off about 260 employees.

По данным Колина Ву, урезать штат на 30% также собирается Bybit.

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