China's government last-year decision to ban the use of crypto for trading had a massive impact on Huobi's current revenue.
On June 28, crypto-journalist Colin Wu shared a tweet indicating that the crypto exchange Huobi Global is possibly going to lay off more than 30% of its team members. The reporter noted that this is due to Huobi’s decision to remove all accounts of people living in mainland China, which also resulted in a significant decline in revenue.
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If that is the case, the Seychelles-based crypto exchange will eventually throw out and leave around 300 people unemployed. The decision to cut off customers in China was taken last September. At the end of 2021, after China issued a bill to restrict the use of cryptocurrencies for trading, Huobi revoked all access once and for all.
Huobi Global, founded in 2013, is one of the biggest organizations in the blockchain industry that has a strong presence in the Asian markets. Huobi’s native ETH-based token Huobi Token (HT) declined 1.16% over the past 24 hours and now sits at $5.30.
In fact, Huobi joins the constantly growing list of crypto-related companies, disposing of a significant portion of its staff members. To mention a few, yesterday, Australian-based crypto exchange Banxa announced that it would be laying off 30% of workers, whereas earlier in June, Coinbase cut around 18% of full-time jobs. Other crypto-based companies that followed the same path include Gemini, Robinhood, Bybit, as well as BlockFi.
In other news, Huobi Global recently received the DIFC Innovation License in Dubai and scored a registration on New Zealand's Financial Services Provider Register (FSPR). Both initiatives will reportedly allow the Bitcoin (BTC) and Ethereum (ETH) trading platform to grow even more.
