Crypto Exchange Huobi Expects 30% Drop In Revenue, Plans To Move Spot Trading Services To Gibraltar

Crypto exchange Huobi is expecting a 30% drop in its revenue due to China’s long-term crackdown on the cryptocurrency market.

In a recent Financial Times interview, Huobi’s co-founder Du Jun said that by the end of 2021, the company is expecting to stop all its services in China. 

He mentioned that there would be no Chinese users on his platform, and it would have an adverse impact on the overall revenue. 

The exchange had already moved its operations to Singapore when Chinese regulators launched a renewed crackdown on crypto.

Jun said that he is aiming to expand the business in other countries and to go global. 

Huobi has announced that it would move its spot trading services to Gibraltar after receiving approval from the Gibraltar Financial Services Commission (GFSC).

The company will be migrating its existing spot trading users, tech infrastructure, and cloud hosting to a licensed entity in Gibraltar.