The decline in trading activity on Huobi, according to the exchange, was the driving force behind this choice.
Pionex, a Singaporean cryptocurrency exchange, made the announcement that Huobi's market-making funds had been taken off its platform as a result of the exchange's trading volume rapidly falling.
The notification reads:
“Huobi Exchange’s trading activity on the platform has gradually decreased in recent months, and Pionex’s security team has also gradually reduced the aggregated market-making funds on the platform to maintain the financial security of Pionex users.”
A cryptocurrency exchange called Pionex gives its members the option to utilize 12 built-in trading bots to automate their trading processes. 379 tokens are currently available for trading on it. On August 18, 2022, South Korea outlawed the exchange due to it being unregistered.
When Huobi made the decision to discontinue operations in China in November 2021, the exchange lost momentum and became the biggest cryptocurrency exchange in the nation.
Leon Li, the creator of Huobi, sold Justin Sun, the creator of Tron DAO, 60% of the company in exchange for his shares in October 2022. Leading cryptocurrency exchange Binance outperformed Huobi in its derivatives trading during the same month.
The crypto community was informed towards the end of 2022 that Huobi was experiencing bear market circumstances and would be canceling year-end bonuses while laying off half of its workers. Sun, however, responded on January 2, 2023, and refuted these allegations.