Huobi Singapore Fires Six Employees from its Brazilian Division

Nov 16, 2018 at 22:00 Update Date :Nov 16, 2018 at 22:00 UTC

As per the reports of Brazilian news outlet Portal do Bitcoin, a Singapore based crypto exchange Huobi has dismissed six out of its 10 employees from its division based in Brazil.

Huobi was founded in China and headquartered in Singapore. Huobi, as of now, is the world’s third-largest crypto exchange. The exchange has around $1 billion of market volume over the last 24 hours. Huobi, in order to expand globally and to get more exchange volume all over the world, is now opening more international offices around the globe.

Office in Brazil

It all started in May 2018 when Huobi started its operations in Brazil. The time when Huobi was setting up in Brazil, many of the people thought that this could create more competition; a threat to local exchanges, as Huobi was providing more liquidity, fewer fees, and huge coin collection. But the recent layoff suggests that Huobi is no longer a leading force in Brazil.

The CEO of Huobi Brazilian Division, Frank Tao, stated about the dismissal of the employees, however, he didn’t disclose any reason behind the layoff. As per the CEO, the notices were released in the month of October. The employees who are fired have completed their tenure of the job.

Anonymous Employee

One of the employees, who was fired, said anonymously that he was surprised with the dismissal. This has nothing to do with the market, as it might be because of an external factor. The team was closed in the month of September. They decided not to continue their local operations. He said it is an order came from the office.

Tao didn’t give more details regarding the move. As per the news outlet Portal do Bitcoin, Tao was in the meeting at the time; didn’t pick up the call. The reason behind the decision of dismissing employees is still unknown.

Huobi is not the only exchange to lay off its employees. Last month, Mercado Bitcoin, which is the largest bitcoin exchange in Brazil, dismissed its 20 employees. Another exchange named as Foxbit, closed the doors for its IT team; fired its three employees.

Leave a Reply

Please Login to comment
Notify of