• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Crypto Giant Binance In Hot Water: CEO Responds To Trading Violation Claims
australia drought liqudity
Advertisement

Huobi Closes Australian Office Due To ‘Poor Market Conditions’

Emilio Janus by Emilio Janus
4 years ago
in Bitcoin, Bitcoin Businesses, Companies, News, News teaser
0
Advertisement
Advertisement

Huobi Australia has announced on social media that its office will close as of 26th February 2019. All operations will transfer to Huobi Global headquarters in Singapore. The company blames the closure on “poor market conditions and associated recent staff redundancies.”


Gone From A Land Down Under

Top ten cryptocurrency exchange by volume, Huobi, only established its Australian operation eight months ago.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

At the time the fourth largest exchange, it was competing in an aggressive global expansion battle with the other top exchanges. But it seems that, for the relatively small Australian market, this turned out to be too much for too little.

The continuation of the cryptocurrency bear market has clearly taken its toll on expectations from the performance of the Australian subsidiary. While operations will not cease, management of the platform, social media channels, and customer support, will now happen from Huobi’s Singapore HQ.

Still Making Profit, But Cutting Staff

The first indication that the prolonged downturn in cryptocurrency prices was starting to bite came a month ago. Huobi cut around 100 staff from its global workforce of 1400, saying that:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

We do not know how long the bear market will last, so […] We have to plan in advance and spend money carefully.

It seemed that the company was planning particularly well in advance, as CEO, Livio Weng Xiaoqi, admitted at the time that revenues were still in the positive every single month.

However, Huobi did spend a lot of money on industry development and promotion last year. Cutting unprofitable departments such as venture funding and news aggregation was perhaps inevitable. The Australian office appear to have found themselves on the wrong side of this belt tightening.

No AUSTRAC Required

The move also means that Huobi Australia have ‘decided not to explore adding a fiat on-ramp,’ instead sticking with crypto-to-crypto. This means they do not require an AUSTRAC registration. The Australian Transaction Reports And Analysis Centre is a government financial intelligence agency. Its role is to identify money laundering, organised crime, tax evasion, welfare fraud and terrorism.

It is possible that the decision to close the Australian office relates to this registration.

Whilst there is no suggestion that Huobi is involved in any of the mentioned activities, reports from the Blockchain Transparency Institute allege widespread wash-trading. In fact, Huobi come third on the Institute’s Exchange Advisory List, with an estimated 86.91% of volume through API trading.

Should companies be extra frugal in this bear market? Share your thoughts below!


Images courtesy of Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Emilio Janus

Emilio Janus

Related Posts

Bitcoin

Research Firm Breaks Down Impact Of MicroStrategy Purchases On Bitcoin Price

36 mins ago
Bitcoin

Bitcoin Open Interest Shoots Up With Price Rise, Long Squeeze Brewing?

7 hours ago
Bitcoin

Bitcoin: Why This Is The Best Time To Buy The Crypto, According To R. Kiyosaki

14 hours ago
bitcoin inflation

This Chart Says Bitcoin Is A Leading Indicator For Inflation

22 hours ago
Bitcoin exchange balances

Bitcoin Reclaims $28,000 As BTC Balances On Exchanges Fall

1 day ago
Bitcoin

Bitcoin On-Chain Data Shows No Signs Of FUD Among Binance Users

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Trending Projects

  • 5 Best Upcoming ICO List of March 2023

    1 week ago
  • Crypto Investment for Long term: 3 Coins to keep your eye...

    1 week ago
  • Cryptocurrency to invest in March 2023

    1 week ago

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Cryptocurrency News: Analyst’s Top 3 Picks: Polygon...

    3 hours ago
  • The 5 Best Cryptos under $1

    3 hours ago
  • Volt Inu Announce that VoltiCard – A Prepaid Virtual...

    3 hours ago
  • Top Altcoins To Buy For April: Avalanche (AVAX), BNB (BNB)...

    4 hours ago
  • Ripple (XRP) and Nexo (NEXO) on the Rise as Orbeon Protocol...

    4 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.