The company plans to cut between 600 and 800 jobs, down from 1,200 currently, according to reports. Additionally, the exchange will no longer offer annual rewards. In a statement released last month, the exchange denied rumors of possible layoffs due to excess labor. However, people familiar with the matter have confirmed that Huobi will continue to implement the strategy, which includes reducing the salaries of its executives.
The first of a series of year-end promotions the company announced last month goes live as of Dec. 18. Users can win certain cryptocurrencies through events and contests organized as part of these events.
The annual bonus was terminated abruptly as the company intended to cancel the program. The move comes amid a boom in a bear market, with many companies struggling to stay afloat and maintain profitability.
Following the FTX debacle, the exchange was one of the oldest and dominant players in the cryptocurrency space. With offices in Singapore, Hong Kong and South Korea, the company serves millions of clients around the world.
I hope now you will know Huobi Reportedly Plans Mass Layoffs and Salary Cuts. Since the start of the bear market, several cryptocurrency companies have laid off employees, and Huobi is no exception. Coinbase and Crypto.com are just two of many cryptocurrency exchanges that have had to lay off large numbers of employees to reduce overhead and stay in business.
