Justin Sun Led Huobi Global Records $30 Million Profit in Q1 2023

• This development coincides with Justin Sun’s intention to apply for a Hong Kong license.
• The U.S SEC sued Justin Sun on March 22 for alleged violations of securities laws.

Tron founder and Huobi Global adviser Justin Sun said Monday that the company made $30 million in the first quarter. This development coincides with Justin Sun’s intention to apply for a Hong Kong license as a virtual asset service provider for Huobi.

On April 10th, Justin Sun tweeted that Huobi made $150 million in the first quarter. First-quarter expenses totaled $120 million. After the demise of the FTX cryptocurrency exchange, it overcame a number of challenges and earned a $30 million profit.

He forecasts $187 million in revenue for Huobi and $76 million in expenses for the company during the second quarter. This results in a second-quarter profit of $111 million, almost four times as much as the previous quarter.

Restructuring During Tough Phase

Throughout the first three months of the year, the exchange implemented a wide range of initiatives to cut expenses and boost productivity. The market for trading platforms was through a period of consolidation.

The crypto exchange’s newfound openness coincides with its efforts to get a license in Hong Kong. According to previous reports, Tron’s founder Justin Sun is in talks to sell part of his holdings in the cryptocurrency exchange Huobi Global. Binance allegedly turned down a bid to acquire Justin Sun’s share in Huobi. Nonetheless, he has denied that Huobi Global share sales had been discussed.

Despite Justin Sun’s acquisition, trading activity on Huobi remains low. The cryptocurrency exchange’s 24-hour trading volume places it outside the top 10. The US Securities and Exchange Commission (SEC) sued Justin Sun on March 22 for alleged violations of securities laws.

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