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

Huobi Global says it has nary plans to behaviour “large-scale layoffs” and has refuted reports that 2 of its apical executives person resigned amid a takeover of the Seychelles-based crypto exchange.

Reports that the company’s main enforcement serviceman (CEO) Leon Li and main fiscal serviceman (CFO) Chris Lee person resigned appeared to person originated from an Oct. 29 Twitter station from Chinese crypto blogger Colin Wu, citing “people familiar” with Huobi.

The Twitter station besides suggested determination could beryllium wide layoffs planned for its 1,600 employees owed to “too galore people" moving astatine the company.

However, a spokesperson from Huobi Global told Cointelegraph that rumors determination could beryllium wide layoffs are "untrue" and that its elder absorption continues to execute their duties “as per normal,” stating:

“Huobi Global's elder absorption squad is performing their duties arsenic per normal, and rumors of large-scale layoffs are untrue. At present, Huobi Global enjoys a steadfast currency flow, and the caller shareholders person completed the superior injection.”

"Huobi has demonstrated affirmative improvement imaginable successful cardinal determination markets, and volition proceed to put successful concern innovation, exploring planetary markets and recruiting section employees," they added.

However, the spokesperson admitted that owed to the crypto marketplace downturn, immoderate cost-cutting could inactive beryllium connected the cards though it didn't clarify what this could entail, stating:

“Huobi Global is successful a dependable fiscal presumption astatine present, but owed to the existent marketplace downturn, Huobi volition besides marque adjustments to trim costs and summation efficiency.”

Related: Why is the terms of Huobi Token up 12% contiguous arsenic remainder of the marketplace slumps?

Huobi is simply a Chinese cryptocurrency speech founded by Leon Li successful 2013 and presently has operations successful much than 30 countries astir the satellite and a beingness successful implicit 100 countries.

In August the crypto speech got the greenish airy to connection fiat cryptocurrency trading services successful Australia, aft registering arsenic a integer currency speech supplier with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

September saw Huobi establish a partnership with South Korea’s “blockchain” metropolis of Busan to supply probe and development, exertion and fiscal enactment for the Busan Digital Currency Exchange. Huobi is besides acceptable to assistance successful identifying and hiring blockchain endowment for Busan’s section exchange.

While the biggest quality came successful October erstwhile About Capital Management (HK) Co. Ltd, a Hong Kong based-asset absorption firm, became the exchange’s controlling shareholder pursuing a successful buyout deal for an undisclosed amount.