Crypto Exchange Huobi Sacks 6 of Its 10 Employees in Brazil

Crypto Exchange Huobi Sacks 6 of Its 10 Employees in Brazil

Cryptocurrency exchange Huobi

Cryptocurrency exchange Huobi recently sacked 60% of its workforce in Brazil. The exchange entered the country a few months back.

Portal do Bitcoin reported that Huobi Brazil’s CEO Frank Tao confirmed over the phone that 6 of the exchange’s 10 employees in the country have been dismissed. They were warned in late October and early November that their contracts wouldn’t be renewed.

One ex-employee claimed most of those that abandoned the workforce were hired as freelancers, and that management and operations-related positions were most affected. The employee said:

“I was surprised at the dismissal. It was nothing about the market. Probably an external factor. In September the team was closed. By October, they decided not to continue with their local operations. It was an order that came from the head office.”

The motives behind Huobi’s decision are currently unclear.

The cryptocurrency exchange went into Brazil back in May 2018. At the time, reports revealed it was marketing its platform in Brazil, and was attempting to recruit regional staff.

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