Singapore-based Bitcoin exchange Pionex announced that it has removed Huobi’s market maker funds from its platform due to the gradually decreasing trading volume. The exchange cites concerns about Huobi as the reason for this decision.
Pionex removes market maker funds from Huobi
The Singapore-based exchange announced in a new announcement today that it has removed Huobi’s market maker funds from its platform. The official statement included:
Huobi’s trading activity on the platform has gradually decreased in recent months, and Pionex’s security team has also gradually reduced the total market maker funds on the platform to maintain the financial security of Pionex users.
Pionex is a crypto exchange that allows its users to automate their trading activities using 12 built-in trading bots. It currently has 379 cryptocurrencies for trading. The exchange was banned by South Korea on August 18, 2022, for being unregistered.
According to reports that surfaced on that date, the FSC wants the law to prevent unregistered crypto exchanges from operating without a license, but 16 exchanges provide crypto services for Koreans and hold events targeting Koreans. Affected exchanges included MEXC, KuCoin, CoinW, CoinEX, ZB.com, Bitglobal, Bitrue, Poloniex, BTCEX, Phemex, XT.com, Pionex, BTCC, DigiFinex, AAX and ZoomEX.
Is Huobi in trouble?
Huobi was the largest crypto exchange in China when it decided to close its business in the country in November 2021, causing the exchange to lose momentum. In October 2022, Huobi founder Leon Li sold his 60% stake in the company to Justin Sun, the founder of Tron DAO. That same month, derivatives trading from leading crypto exchange Binance outpaced Huobi.
At the end of 2022, the crypto community has been informed that Huobi is battling bear market conditions and will cancel year-end bonuses while laying off half of its workforce. However, Sun came forward and denied these allegations on January 2, 2023. We have included the latest developments about the stock market in this article of Kriptokoin.com.
Meanwhile, a recent allegation suggested that Huobi is pressuring its employees to receive salaries in USDT/USDC instead of dollars. They were also threatened with dismissal if they objected to the proposed form of payment. Several people from Huobi’s human resources confirm the rumors. Employees, who began to react to the snow, began to protest the company.
Late last month, reports surfaced claiming that Huobi was planning a major layoff. They want to reduce the workforce size from 1,200 to 600 to 800 people. Senior officials will not receive year-end bonuses and their salaries will generally be cut.