The Australian office of the Singapore-based crypto exchange Huobi will cease all its operations from today on — according to an announcement shared by the local team.
All Huobi Australia’s activity — the management of its platform, social media channels and customer support — will now be carried out by the team in Huobi headquarters.
The eight months old office referred the poor market conditions and associated recent staff redundancies as the main reasons for the ceasing of activity.
Huobi Australia emerges, therefore, as the most recent victim of the crypto bear market, both in terms of reduction of headcount and closing of regional operations.
Huobi, the world’s fifth largest crypto exchange by daily adjusted volumes, maintains its regional operations in the United States, South Korea and Japan.
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