Huobi Australia to merge with parent company
8 months after launch, Huobi’s Australian division will merge with its parent company. The reason for this decision is the unfavorable market situation and the inexpediency of maintaining a separate division in the current situation..
Huobi Global opened a subsidiary in Australia in July 2018, announcing that it was a “natural step” to enter a new market. Huobi Australia has announced that the decision to join Huobi Global will take effect tomorrow..
“Please note that due to unfavorable market conditions and a surplus of staff, all Huobi Australia operations, including platform management, social media channels and customer support, will be relocated to Huobi Global headquarters on February 26,” the company said..
The Australian exchange will also abandon its plan to add support for fiat and will continue to serve trades exclusively in cryptocurrency pairs. In addition, it will withdraw the application for registration with the Australian Transaction Research Center, which is not required for companies that do not deal with fiat currencies..
Despite setbacks in some regions, Huobi Global recently reported 100% growth in its trading volumes in 2018 compared to 2017. According to the company, the number of its employees has grown from 400 to over 1,300 over the past year..
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