Huobi Global is going to absorb its division in Australia just after 8 months after its rollout. Huobi Australia has commented on this process lately, saying that this move was driven by sluggish crypto segment as well as layoffs.
"Please be informed that starting 26th February 2019, all operations, including the management of our platform, social media channels and customer support will be managed by our team at Huobi Global headquarters," stated Huobi Australia on its Twitter
Despite the previous plans about fiat support, the exchange eventually decided not to add fiats, so it will remain running under coin-to-coint business model. This means that it will no longer need a license by the Australian Transaction Reports and Analysis Centre, as the registration is mandatory only for operations with fiats.
Notably, Huobi Global launched the division in July 2018 and will absorb this business beginning from February 26.
The bearish crypto market affected not only Huobi Global businesses since an increasing number of companies are closing their regional subsidiaries to stay afloat in the current circumstances. Coinsquare platform, Bitmain producer along with ConsenSys and Steemit also reported layoffs and had to close some offices.
Nevertheless, Huobi Global reported that its global trading volumes rose 100% year-on-year in 2018, while the staff expanded from 400 employees in early 2018 to more than 1,300 in early 2019.
Late year Huobi was reportedly going to carry out some staff optimization, when disappointed employees were replaced by new talents for the core business.
Huobi runs businesses in the USA, South Korea and Japan. As the market data shows, Huobi Global is top-5 cryptocurrency exchange in terms of daily adjusted volumes in the world (some $957 million daily trading).