5 months ago 2 min read

Huobi Global Disputes Claims of "Large-Scale Layoffs" and Executive Departures


Huobi Global has denied rumors that two of its top executives have left amid a takeover of the Seychelles-based cryptocurrency exchange and states that it has no intentions to carry out "large-scale layoffs."

The news that the company's CEO Leon Li and CFO Chris Lee had resigned appears to have come from a tweet on October 29 from Chinese cryptocurrency writer Colin Wu, who cited "people familiar" with Huobi.

Due to "too many individuals working at the company," the Twitter tweet also implied that mass layoffs for its 1,600 employees could be in the works.

Huobi Global's spokesman, however, informed Cointelegraph that reports of mass layoffs are inaccurate and that the company's senior management is still carrying out its responsibilities "as per normal" stating:

“Huobi Global's senior management team is performing their duties as per normal, and rumors of large-scale layoffs are untrue. At present, Huobi Global enjoys a healthy cash flow, and the new shareholders have completed the capital injection.”

Huobi has shown promising expansion potential in significant regional markets, and it plans to keep investing in company innovation, pursuing global opportunities, and hiring local labor.

Although it didn't specify what this may involve, the representative acknowledged that some cost-cutting may still be planned as a result of the crypto market collapse, saying:

“Huobi Global is in a sound financial position at present, but due to the current market downturn, Huobi will also make adjustments to reduce costs and increase efficiency.”

Huobi is a Chinese cryptocurrency exchange that Leon Li created in 2013. As of right now, Huobi operates in more than 30 countries worldwide and has a presence in more than 100 nations.

After registering with the Australian Transaction Reports and Analysis Centre as a provider of digital currency exchange services, the cryptocurrency exchange received approval in August to start providing fiat cryptocurrency trading services in Australia (AUSTRAC).

In order to help the Busan Digital Currency Exchange with research and development, technology, and funding, Huobi partnered with South Korea's "blockchain" city of Busan in September. Huobi will also help the local exchange in Busan find and hire blockchain experts.

The biggest news, however, concerned About Capital Management (HK) Co. in October. Ltd, a Hong Kong-based asset management company, successfully acquired the exchange's controlling stake for an undisclosed sum.

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