Huobi Global denies’massive layoffs’ and major executive resignations

Huobi Global says it has no intentions for “large-scale layoffs” and denies claims that two of its top executives left amid a takeover of the Seychelles-based cryptocurrency exchange.

Reports that the company’s CEO Leon Li and CFO Chris Lee had quit appeared to have stemmed from an Oct. 29 Twitter tweet from Chinese crypto writer Colin Wu, who cited “people familiar” with Huobi.

The Twitter tweet also hinted at mass layoffs for the company’s 1,600 employees due to “too many individuals working at the company.”

However, a spokeswoman for Huobi Global told Cointelegraph that allegations of mass layoffs are false and that the company’s top management is continuing to do their jobs “as usual,” stating:

“Huobi Global’s senior management team is performing their duties as per normal, and rumors of large-scale layoffs are untrue. At present, Huobi Global enjoys a healthy cash flow, and the new shareholders have completed the capital injection.”

Huobi has demonstrated positive development potential in key regional markets, and it will continue to invest in business innovation, international market exploration, and local employee recruitment.

However, due to the crypto market downturn, the spokesperson admitted that some cost-cutting may still be in the works, though it did not specify what this might entail, stating:

“Huobi Global is in a sound financial position at present, but due to the current market downturn, Huobi will also make adjustments to reduce costs and increase efficiency.”

Huobi is a Chinese cryptocurrency exchange started in 2013 by Leon Li that currently has operations in over 30 countries and a presence in over 100.

After registering as a digital currency exchange provider with the Australian Transaction Reports and Analysis Centre, the crypto exchange received approval in August to offer fiat cryptocurrency trading services in Australia (AUSTRAC).

Huobi announced a collaboration with South Korea’s “blockchain” city of Busan in September to provide research and development, technology, and financial support for the Busan Digital Currency Exchange. Huobi is also planning to help Busan’s local exchange find and hire blockchain talent.

The biggest news, however, came in October, when About Capital Management (HK) Co. Ltd, a Hong Kong-based asset management firm, acquired control of the exchange in a successful buyout deal for an undisclosed sum.