Cryptocurrency exchange Huobi Global is believed to be next in line to cut down on staff numbers.
After China implemented its ban on crypto trading last year, Huobi has seen a considerable drop in revenue.
Following the crypto ban, the Bitcoin (BTC) and Ethereum (ETH) platform gradually stopped servicing customers in China last November. All access was then revoked a month later.
Now, at least 300 of 1000 employees are to be cut from the Seychelles-based exchange. This comes as a shock to many as Huobi Global’s daily trade volume regularly surpasses $1.2bn, according to CoinGecko.
A tweet from the WU Blockchain read: “Cryptocurrency exchange Huobi will start layoffs, which may exceed 30%. The main reason is the sharp drop in revenue after the removal of all Chinese users.”
It’s no secret that the cryptocurrency market is in the midst of a downward spiral. Over the last seven months, the market has descended from an aggregated $2.9tn market cap to $938bn.
BTC has seen a considerable drop from its all-time high of $68,980 in November to a mere $20,800 now.
Huobi’s native token (HT) has also taken a hit, down 1.16% over the past 24 hours to $5.30 at the time of writing.
The exchange is not the first to make the decision to axe its staff. Recently, Coinbase made 1000 redundancies, Gemini axed 10% of its workforce and BitOases sent 5% of its employees packing.
While we all wait for the market to redeem itself, you may want to use your cryptocurrencies for fun and play at 1xBit, FortuneJack, and Bitcasino.