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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. https://twitter.com/WuBlockchain/status/1541683658817699842
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it started to gradually discontinue providing services to Chinese users in September last year, with all access being withdrawn on December 31.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 market has shrunk from a combined market valuation of $2.9 trillion to $938 billion, with bitcoin selling at $20,800 after reaching an all-time high of $68,980 in November. The largest bitcoin exchange in the US, Coinbase, reported an 18% layoff earlier in June.