Crypto exchange Huobi will lay off 30% of its staff amid a sharp drop in revenue after the ban of users from China in September last year, Wu Blockchain has reported.
Huobi stopped in September last year the registration of new users from Mainland China and announced that it would delete existing accounts by December 31 as a result of the repression of the Chinese government against the cryptocurrency industry.
The company did not make statements regarding potential layoffs. According to CoinGecko, Huobi is one of the largest spot digital asset trading platforms with more than $1.2 billion in daily trading volume on the exchange.
Many companies in the cryptocurrency industry are cutting staff amid the current market crash.