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.
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…