CryptoCN

Huobi Layoffs

June 2022

Huobi announced a layoff affecting 300 employees (30% of its workforce) in June 2022. The company operates in the Crypto sector.

People Affected

300

Percentage

30%

Announced Date

Jun 28, 2022

About

Cryptocurrency exchange Huobi Global is planning significant layoffs, potentially cutting over 30% of its workforce, which translates to at least 300 employees out of a total exceeding 1,000. This restructuring, reported in June 2022, is a direct response to a sharp decline in revenue following China's comprehensive ban on crypto trading. The company had been phasing out services for Chinese users since September 2021, with complete access revoked by the end of that year. As a major Seychelles-based exchange, Huobi cited the need to realign its manpower with operational needs amid the challenging market downturn affecting the broader crypto industry.