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Huobi Global denies ‘large-scale layoffs’ and key exec resignations

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Huobi International says it has no plans to conduct “large-scale layoffs” and has refuted stories that two of its prime executives have resigned amid a takeover of the Seychelles-based crypto trade.

Studies that the corporate’s CEO Leon Li and chief monetary officer Chris Lee have resigned appeared to have originated from an Oct. 29 Twitter publish from Chinese language crypto blogger Colin Wu, citing “individuals acquainted” with Huobi.

The Twitter publish additionally steered there could possibly be mass layoffs deliberate for its 1,600 workers as a consequence of “too many individuals” working on the firm.

Nevertheless, a spokesperson from Huobi International advised Cointelegraph that rumors there could possibly be mass layoffs are “unfaithful” and that its senior administration continues to carry out their duties “as per regular,” stating:

“Huobi International’s senior administration staff is performing their duties as per regular, and rumors of large-scale layoffs are unfaithful. At current, Huobi International enjoys a wholesome money stream, and the brand new shareholders have accomplished the capital injection.”

“Huobi has demonstrated constructive growth potential in key regional markets, and can proceed to put money into enterprise innovation, exploring worldwide markets and recruiting native workers,” they added.

Nevertheless, the spokesperson admitted that due to the crypto market downturn, some cost-cutting could still be on the cards though it didn’t clarify what this could entail, stating:

“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.”

Related: Why is the price of Huobi Token up 12% today as rest of the market slumps?

Huobi is a Chinese language cryptocurrency trade based by Leon Li in 2013 and presently has operations in additional than 30 nations world wide and a presence in over 100 nations.

In August, the crypto trade obtained the inexperienced mild to supply fiat cryptocurrency trading services in Australia after registering as a digital forex trade supplier with the Australian Transaction Studies and Evaluation Centre (AUSTRAC).

September noticed Huobi establish a partnership with South Korea’s “blockchain” metropolis of Busan to offer analysis and growth, know-how and monetary assist for the Busan Digital Forex Alternate. Huobi can be set to help in figuring out and hiring blockchain expertise for Busan’s native trade.

In the meantime, the largest information got here in October, when About Capital Administration (HK) Co. Ltd, a Hong Kong based-asset administration agency, turned the trade’s controlling shareholder following a successful buyout deal for an undisclosed quantity.