Faced with China’s toughness on Bitcoin, Huobi Global fires

Recruitment Bitcoin (BTC) is often a victim of China banishment and bear markets. Cryptocurrency exchange Huobi Globalen suffers the consequences. The latter evokes, in fact, the possibility of a massive layoff.

China bans, Huobi Global fires

It’s up to the staff to pay the bill! According to China-based crypto journalist Colin Wu, Huobi Global may be forced to to separate from more than 30% of its employeesfollowing the withdrawal of Chinese users from the platform.

Complying with the prohibition of cryptocurrencies decided by the Chinese authorities, the company has gradually interrupted, since the month of September 2021, the services it offered to its users in China. She has terminated customer access affected by these restrictions on December 31 of last year.

With a current workforce of more than 1,000 employeesthis wave of dismissals within Huobi Global should thus hit hard at least 300 people.

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Crypto winter from frostbite to giants

The loss of customers residing in China has structural repercussions on the performance of Huobi Global. The company would also have taken measures “due to the current market environment”.

The cryptocurrency exchange is reviewing its hiring plans and current workforce, with a view to “ realign them with its operational needs “Said a spokesperson for Huobi Global to the CoinDesk media.

According to CoinGecko, the data indicates that the crypto exchange is seeing significant daily trading volume. It consistently outperforms the 1.2 billion dollars of exchanges. However, this performance did not keep the company warm enough. Its staff will not be able to spend this crypto winter serenely.

Triple punishment for Huobi Global and its staff. Indeed, the crypto stock market is suffering the backlash of the ban on cryptocurrencies in China, the plunge in the markets and the cessation of its activities in Thailand.

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