After running for barely 8 months, Singapore based Huobi exchanged announced closure of its Australian subsidiary and blamed poor market conditions and redundancies of staff members. According to Huobi tweet, all operations of Huobi australia, including the management of the platform, social media channels and customer support will be managed by the team at Huobi Global headquarters starting 26th February 2019.
Huobi still claiming they will add fiat pairs on their global version of the platform soon but they have already canceled their registration with local regulator, the Australian Transaction Reports and Analysis Centre, which is required only in cases of fiat on-ramps.
Huobi is not only exchange who have recently closed their local subsidiaries. Canada based exchange Coinsquare and Mining giant Bitmain have already made significant cuts in their operations in last few months. Huobi still operating its local exchanges with fiat supports in South Korea, USA and with merger with Licensed BitTrade in Japan. With around 1 billion USD trading volume in last 24 hour, Huobi hold fifth position in global exchange ranking.