Huobi Global Denies 'Massive Layoffs' & Key Executive Resignations

Huobi Global says it has no intentions for "large-scale layoffs" and denies claims that two of its top executives left amid a takeover of the Seychelles-based cryptocurrency exchange.Acc

According to an Oct. 29 Twitter post from a Chinese crypto blogger, who cited "people familiar" with Huobi, the Huboi's CEO Leon Li and CFO Chris Lee have resigned the company.

The Twitter post also hinted at mass layoffs for the company's 1,600 employees due to "too many individuals" working there.

However, a Huobi Global spokesman assured local media outlets that the rumours of mass layoffs are "totally baseless" and that the company's top management is continuing to carry out its duties "as normal."

Huobi has showed positive expansion potential in key regional markets, and they will continue to invest in business innovation, foreign market exploration, and local employee recruitment.

However, the spokesman acknowledged that, due to the crypto market collapse, some cost-cutting may still be in the works, but it did not specify what this may entail, stating:

“Huobi Global is currently in a strong financial position, however due to the current market slowdown, Huobi will make changes to decrease costs and boost efficiency.”

Huobi is a Chinese cryptocurrency exchange started in 2013 by Leon Li that currently has operations in over 30 countries and a presence in over 100.

After registering as a digital currency exchange provider with the Australian Transaction Reports and Analysis Centre, the crypto exchange received approval in August to offer fiat cryptocurrency trading services in Australia.

Huobi announced a collaboration with South Korea's "blockchain" city of Busan in September to provide research and development, technology, and financial support for the Busan Digital Currency Exchange. Huobi will also assist Busan's local exchange to locate and hire blockchain talent.

While the biggest news came in Oct when About Capital Management Co. Ltd, a Hong Kong-based asset management firm, successfully bought out the exchange for an undisclosed amount.

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