Why this crypto exchange is leaving Australia

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Why this crypto exchange is leaving Australia

A large global crypto exchange has announced its Australian operations will be moved to its overseas headquarters.

Huobi Australia made the announcement on social media on February 25, after failing to overcome a sustained drop in trading and investment activity.

“Please be informed that due to poor market conditions and associated recent staff redundancies here at Huobi Australia, all operations, including the management of our platform, social media channels, and customer support will be managed by our team at Huobi Global headquarters starting 26th February 2019,” the statement said.

The full statement issued by Huobi Australia.
The full statement issued by Huobi Australia.

The crypto exchange has now abandoned its plans to add a fiat on-ramp and instead will keep 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 said.

The Huobi Australia team was only established eight months ago.

Anybody affected by Huobi Australia’s decision has been urged to contact the company’s help centre and ticket support system via the Huobi website.