Crypto Exchange Huobi Will Be Employee Layoffs And Cut Company Executive Salaries

Crypto trading company Huobi plans to lay off employees. (Photo; Doc. Coin Gyan)

JAKARTA The leading crypto trading company, Huobi Global, is reportedly planning to cut its employees. Not only that, the company will also apply a pay cut for senior employees. This information was conveyed by a leading Chinese crypto journalist, Colin Wu.

Although previously, in December Huobi denied rumors related to the company's plans to cut excessive employees. However, people familiar with the matter have confirmed that Huobi will move forward with the plan while also cutting the salaries of its senior executives.

Deleting Annual Bonuses

It doesn't stop there, crypto trading company Huobi will also eliminate annual bonuses for employees. Based on the report, Huobi intends to reduce the number of his teams from 1,200 employees to 600 or 800 employees.

Last month, the company announced that it would introduce a series of year-end campaigns, which began on 18 December. The campaign includes events and competitions that allow users to win prizes in certain cryptocurrencies.

The annual bonus suddenly ended as the company intended to cancel the program. The move comes amid an intensive bearish market, with many companies struggling to maintain profitability and stay afloat.

Until now, the company, which was founded in 2013, has not issued an official statement regarding the plan to cut employees. However, the report has raised speculation about the company's health and the industrial future in general.

For information, Huobi is one of the oldest crypto exchange companies and a key player in the cryptocurrency space following the fall of FTX. The company has offices in Singapore, Hong Kong, and South Korea and serves millions of customers worldwide.

Not the only one

Huobi is not the only crypto company that cuts employees. Previously, other leading crypto companies such as Coinbase, Crypto.com, and others had already implemented an downsizing of the number of staff. The employee cuts occurred during the bear market that occurred throughout 2022.

The cuts are aimed at reducing the company's operational costs. It is also intended that the company remains in the midst of a decline in the crypto market in recent months. ByBit became a crypto company that cut employees by 30 percent in early January.