Huobi Global, a cryptocurrency exchange platform based in Seychelles, is reportedly laying off over 30% of its employees, a source told crypto journalist Colin Wu.
Speculation is rife that the sackings are due to Huobi’s falling revenue after it was forced to suspend millions of Chinese user accounts in the wake of the country’s ban on crypto.
The rumored job cuts also come after Huobi Thailand announced the closure of its operations after failing to comply with local regulations.
“Due to the current market environment, Huobi Global is in the process of reviewing both its hiring policies and its current manpower, with the goal of realigning them to its operational needs. Further to such review, layoffs are a possibility,” a Huobi Global spokesperson told Tech in Asia.
The recent crypto crash has led to thousands of layoffs at some of the world’s top crypto exchange firms. Gemini has slashed 10% of its workforce, Coinbase has dismissed 18%, BlockFi axed a fifth of its employees, and Crypto.com has fired 5% of its staff. These downsizing moves are aimed at improving operational efficiency amid poor market conditions.
See also: Tracking layoffs across Asia’s startup ecosystem (Updated)
Editing by Miguel Cordon and Joy Tirkey
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