The current cryptocurrency downturn is taking its toll and yet another exchange appears to be facing serious challenges. Huobi – a platform that used to be very prominent in china – will reportedly lay off at least 30% of its staff.

  • According to well-known cryptocurrency reporter Colin Wu, Huobi will start cutting staff. The reason is touted to be “the sharp drop in revenue after the removal of all Chinese users.”
  • At the time of this writing, there hasn’t been an official confirmation from the exchange.
  • It’s also worth noting that Huobi is far from being the only one to reduce its staff numbers.
  • As CryptoPotato reported earlier in June, the leading US-based cryptocurrency exchange Coinbase announced an 18% layoff.
  • Other crypto-related platforms that have reduced their headcount include BlockFi, Bybit, CryptoCom, and others.

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