One of the largest crypto exchange company Huobi has recently stated that it will be closing down its operations in Australia. The Twitter statement discloses that the crypto exchange will be allotting every operation that will have an organization of the exchange and even the social media provision and profile. As per the statement, all these processes are vicarious back to the worldwide situated 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 tweet says:
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. Huobi shuts down its office in Australia this announcement has come up with a gratitude message for their Australian squad and focused operators to take their inquiries to the corporation’s contact email address in case they face any problems.
As reported weeks ago AUSTRAC Australia’s foremost monetary intellect agency had formally recorded an astounding 246 crypto exchanges from April 2018. Seeing the Australian populace is not even 25,000,000 less than two-thirds the size of California it shows one to think if more pain expects this set of cryptocurrency exchanges, chiefly if the now-record-long Bitcoin (BTC) and cryptocurrency bear market endures diminishing.
Cryptocurrency Job Losses Continue
Huobi Australia’s closure and staff layoffs have even cut down the undisclosed number of its 1,000-plus employees This continued other job cuts proclaimed by Bitcoin mining massive company Bitmain Technologies, along with a number of cryptocurrency exchanges such as Coinfloor, Kraken, and Coinbase.
Digital currency exchanges were given until early October to be fully acquiescent with AUSTRAC rules, counting journalism doubtful dealings.
An agency spokesperson stated that work is at present being done to measure business agreement. He mentioned “We will not hesitate to take strong enforcement action where significant or wilful non-compliance is identified,”
Michael McCarthy, chief market strategist at CMC stated that while early movers in the cryptocurrency space were “highly suspicious of authority”, the industry had moved on. In September, ASIC proclaimed it had clogged numerous planned ICOs meant at retail investors for making misleading statements and not holding monetary services licenses, among other issues. Treasury has now started its own discussion procedure seeing ICOs.