Huobi Digital refuses ‘large-scale layoffs’ and top executives’ resignations

• From the past few months, it has been reported that Huobi Global is going to do “large-scale layoffs” and its top officials have left their posts in between the acquisition of the Seychelles-based crypto exchange. 

On October 29, Colin Wu, a crypto blogger from China posted on Twitter quoting “people familiar” with Huobi. After this, the rumor of the resignation of the top two executives namely Leon Li, the chief executive officer, and Chris Lee, the Chief financial officer took place. 

The tweet from that crypto blogger also hinted that there may be a large layoff of 1,600 staff of the company as a lot of people are working in the company. 

After the rumors, a spokesperson from the company told the media that the report of the conduction of a large layoff is not true and also the top executives are doing their duties continuously as they were doing normally, highlighting:

“The senior management team of our company is doing their tasks as they were doing earlier, and rumors of large-scale layoffs are not true. Currently, Huobi Global is celebrating its active cash flow and the new shareholders have finished the capital dose.”

“Huobi has represented positive developmental potential in main zonal markets, and will carry on putting its money into business revolution, experiencing international markets and hiring local staffs,” they further added. 

The spokesperson also accepted that because of the crypto market crash, some low cost can still be on the cards even so it did not makes clear what this can necessitate, saying:

“Currently, our company is in a good financial position, but because of the market crash, Huobi will also make improvements to minimize costs and enhance efficiency.”

Collaborations of Huobi Digital

Huobi Digital was founded by Leon Li in Bejing, China in 2013 and at present, it functions in over 30 countries over the world and is present in more than 100 countries. 

In August 2022, Huobi was permitted to do fiat-crypto trading services in Australia after being listed as a digital currency exchange provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

In September, Huobi collaborated with Busan to give research and development, technology, and funding to the Busan Digital Currency Exchange. The company also recognizes and employs blockchain talent for Busan’s local exchange.

At the same time, in October 2022, About Capital Management Co.Ltd, became the dominating shareholder of Huobi after a victorious buyout deal for an unrevealed amount.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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