Journalist Colin Wu said that cryptocurrency exchange Huobi will cut its staff by 30% after the sharp drop in revenue after users were banned from China in September last year.

In September 2021, Huobi stopped new user registrations in mainland China and announced that it would delete existing accounts by December 31. This was because of the Chinese government’s crackdown on the cryptocurrency industry.

The company did not comment on possible layoffs. According to CoinGecko, Huobi is one of the largest spot digital asset trading platforms with over $1.2 billion in daily trading volume on the exchange.

In the background of the crisis, many companies in the cryptocurrency industry are cutting staff.

On June 24, Bitpanda broker announced that 730 employees will be laid off soon. Company management explained this move as a desire to exit the bear market “financially sound”.

State optimization was also announced as the parent company of BitMEX, Robinhood, Gemini, Bitso and Brazilian exchange Mercado Bitcoin.

Coinbase will cut staff by about 18%, while blockchain platform BlockFi will cut staff by 20%.

Recall that in June, Chris Marszalek, CEO of Crypto.com, announced plans to lay off about 260 employees.

According to Colin Wu, Bybit will also cut staff by 30%.

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