Huobi to Reportedly Lay Off at Least 30% of Staff Citing Sharp Revenue Drop

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.