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Eight months after launch, Huobi's Australian subsidiary is to be part of the Huobi Global canopy, an official said tweet published on February 24th. In an article published on Facebook today, February 25, Huobi Australia cited the crypto market crisis and new layoffs as a reason for development.
As previously reported, Singapore-based Huobi Global launched its Australian platform in July 2018, stating at the time that "moving to Australia was a natural choice." According to Huobi Australia's announcements, under-consumption under Huobi Global will take effect tomorrow. February 26th:
"Please note that due to the poor market conditions and recent badociated layoffs at Huobi Australia, all operations, including platform management, social media channels and customer support, will be managed by our team at Huobi Global Headquarters from February 26, 2019.. "
The exchange further announced that it was relinquishing its intention to add fiat money and would retain only its current coin format. Therefore, it has also decided to cancel its registration with the Australian regulator, the Australian Center for Reporting and Transaction Analysis, which is required only in the case of the introduction of braces. d & # 39; access.
Huobi Global is not the only one to have chosen to downsize and close down its regional operations to survive the crisis of the cryptography market. The Coinsquare Canadian Stock Exchange, mining giant Bitmain, blockchain software firm ConsenSys and the Steemit Decentralized Social Network have all made significant reductions and partial closures in recent months.
Despite these layoffs and the termination of its own Australian operations, Huobi Global has recently stated that global trade volumes have increased by 100% in 2018 compared to 2017. In addition, the flagship product, Huobi Global, would have increased its workforce from 400 employees in early 2018 to more than 1,300 people by 2019.
A report published in December 2018 stated that Huobi had the intention of optimizing its workforce by laying off underperforming employees in certain areas, while adding talent "for its core businesses and emerging markets".
Huobi retains its regional operations in the United States, South Korea and Japan. The latter was relaunched as a fully licensed platform in January as a result of an earlier merger with the BitTrade licensed platform. In the US, the exchange has recently changed its name from HBUS to Huobi.com, launching fiat-crypto trading services earlier this month.
At the time of the press, Huobi Global ranks fifth among the world's largest cryptographic exchanges in terms of daily adjusted volumes, recording nearly $ 957 million in transactions in the past 24 hours.
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