Huobi Australia have announced that it will be closing down, a mere eight months after opening in Melbourne. In a tweet they said: “Please be informed that starting 26th February 2019, all operations, including the management of our platform, social media channels and customer support will be managed by our team at Huobi Global headquarters”.
Huobi Global is the world’s fifth largest crypto exchange by daily adjusted volumes. The Australian subsidiary will now be subsumed under Huobi Global taking effect from February 26.
Huobi Australia had submitted their registration with the Australian Transaction Reports and Analysis Centre with the intention of adding a fiat on-ramp, but posted on their Facebook page, saying that they had decided not to explore adding a fiat on-ramp but will keep the exchange in its current coin-to-coin format. “We have decided to forgo our AUSTRAC registration as it is only required for fiat on-ramps,” they posted.
Australian Platform Was A “Natural Fit”
Huobi Global recently claimed that it had seen 100 percent growth in trading volumes in 2018, according to Cointelegraph. They also added more than 900 people to their staff, but in January this year, they confirmed lay off plans due to the prolonged bear market.
A spokeswoman for Huobi Group said at the time that the company was “optimising staffing” by terminating its “worst-performing employees”, she added that the company was still hiring people for its “core businesses and emerging markets”. The company said at the launch of their Australian platform that the move to Australia was a “natural fit” however, it appears not to have been the case.
Established in 2013, Huobi Group’s accumulative turnover has exceeded $1.2 trillion and delivers digital asset trading and asset management services to millions of users in over 130 countries.
The Huobi Australia team posted a thank you to customers for their support over the past eight months and wished them “all the best” with their crypto trading. They ended on a sanguine note, saying: “Here’s wishing that 2019 may bring you an abundance of green candles”. The now unemployed team are bound to be hoping for the same for themselves.