Huobi Global Absorbs Australian Subsidiary Amid Bear Market

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Huobi’s Australian subsidiary to be subsumed under the Huobi Global canopy.

8 months after its launch, Huobi’s Australian subsidiary is to be subsumed under the Huobi Global canopy, according to a tweet published on Feb. 24. In a Facebook post published today, Feb. 25, Huobi Australia cited the crypto market slump and fresh redundancies as the factor for the development.

As previously reported, Singapore-headquartered Huobi Global launched its Australian platform in July 2018, stating at the time that “the move to Australia is a natural fit.” According to Huobi Australia’s announcements, the subsumption under Huobi Global will take effect, Feb. 26:

“Please be informed that due to poor market conditions and associated recent staff redundancies here at Huobi Australia, all operations, including the management of our platform, social media channels and customer support will be managed by our team at Huobi Global headquarters starting 26th February 2019.”

The exchange has further said it is giving up plans to add a fiat currency on-ramp, and will keep entirely its current coin-coin format. It has for that reason also chosen to cancel its registration with local regulator, the Australian Transaction Reports and Analysis Centre, which is needed just in cases of fiat on-ramps.

Huobi Global is not alone in choosing to decrease its headcount and close local operations to endure the crypto market slump. Canadian exchange Coinsquare, mining giant Bitmain, blockchain software firm ConsenSys and decentralized social media Steemit have all made substantial cuts and partial closures in current months.

Despite these reported redundancies and cessation of its Australia-specific operations, Huobi Global nonetheless recently declared it had seen 100 percent development in around the world trading volumes in 2018 over 2017. Moreover, the flagship Huobi Global supposedly broadened its staff from 400 workers in early 2018 to more than 1,300 people by 2019.

A December 2018 report declared that Huobi was meaning to enhance its staffing by firing underachieving staff members in certain areas, while including skill “for its core services and emerging markets.”

Huobi Global Subsumes Australian Subsidiary

Huobi keeps local operations in the United States, South Korea and Japan– the latter relaunching as a fully certified platform in January following a prior merger with licensed platform BitTrade. In the U.S., the exchange has actually just recently rebranded from HBUS to Huobi.com, compliantly releasing fiat-to-crypto trading services earlier this month.

At press time, Huobi Global is ranked fifth largest crypto exchange internationally by daily changed volumes, seeing around $957 million in trades over the previous 24 hours.

Who is Huobi Global?

Huobi is an innovative U.S. digital currency trading platform run by HBUS Holdco, Inc. (“HBUS”), a U.S. company and tactical partner of Huobi Global, among the world’s largest digital asset trading and management company. The Huobi service offers a larger variety of token options and giveaways to American audiences, with 24/7 personal customer support, and unparalleled security.

Located in San Francisco, HBUS is established by a team of tested innovation executives and disruptive founders, and operates the Huobi market platform under the greatest of ethical standards with a dedication to U.S. legal compliance.

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