Journalist Colin Wu has reported that crypto exchange Huobi plans to cancel annual bonuses and carry out state optimization.
According to sources, the company will reduce the staff of 1,200 people to 600-800. In addition, Huobi will cut the salary of senior employees.
Wu reported in June that the exchange was looking to cut staff by 30% amid a sharp drop in revenue after a Chinese user ban in September 2021.
Huobi announced in fall a rebranding, as a result of which it abandoned the official name Huobi Global, and also denied rumors of a possible merger with trading platform Poloniex.
