Reports says, Huobi exchange is facing lots of regulatory pressure in China. Because of the pressure, Huobi’s revenue declined by 64% & also they lost around 500 Million USDT which was reserved by exchange.
China’s crackdown on crypto mining & Crypto Trading ban resulted in big loss for all crypto related companies whether they are miners, service providers or consumers. All faced huge losses. Since most of the big crypto firms left china but few of them closed & sold their company to others. Now today Huobi revealed their loss because of China’s regulatory pressure.
Colin Wu, Chinese crypto news provider, revealed that Cryptocurrency exchange huobi is facing a big loss in their business because of China’s regulatory pressure. Their loss in regular operation has reached 64% down as of June.
And also the exchange lost 500 million USDT since April, which was reserved by the exchange.
All this huge loss is only because of China’s regulatory pressure and no other factor, Colin Wu shared this information through twitter.
Experts say, It seems Huobi failed in their business plan because there are numbers of exchange & crypto services which were operating their operations in China. But after the crypto ban they moved from China to crypto friendly countries like Kazakhstan, Canada etc.
No doubt huobi is an exchange but it should be noticed here, this exchange is not limited to one country. Exchanges have their operations at international level, so it was their responsibility to enhance their business in other countries with perfect business strategy instead to face & deal with problems in China, since China was a big consumer but if your business is running at international level then you should not target one Country for the whole revenue.