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.

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