The market is cutting thin every day and downsizing is not only real but imminent. Huobi has just announced that the exchange would be shutting down its office in Australia.
The Twitter announcement reveals that the exchange would be delegating all operations that would include not only the management of the exchange but also the social media profile and support. As per the announcement all these operations are delegated back to the global headquarter in Singapore.
Please be informed that starting 26th February 2019, all operations, including the management of our platform, social media channels and customer support will be managed by our team at Huobi Global headquarters. pic.twitter.com/JP1lInoblt
— HuobiAustralia (@HuobiAu) February 25, 2019
The exchange further revealed in their threaded twitter announcement that the decision has been made after the exchange decided to hold back their plan to add fiat-to-coin exchanges. The Australian office thus being a legal requirement for the company to be able to initiate such transactions becomes redundant after the change in policy.
The tweet reads:
We have decided not to explore adding a fiat on-ramp but rather will keep the exchange in its current coin-to-coin format. We have therefore decided to forgo our AUSTRAC registration as it is only required for fiat on-ramps.
The exchange closed the announcement with an appreciation message for their Australian team and directed users to take their queries to the company’s contact email address in case they face any difficulties.