One of the largest crypto exchange companies, Huobi, has recently stated that it will be closing down its operations in Australia. The Twitter statement discloses that the crypto exchange will allot every operation that has 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 situation in Singapore.
The tweet says:
We have decided not to explore adding a fiat on-ramp but will keep the exchange in its current coin-to-coin format. Therefore, we have decided to forgo our AUSTRAC registration, as it is only required for fiat on-ramps.
Huobi shut down its office in Australia. This announcement has come 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 intelligence agency, had formally recorded an astounding 246 crypto exchanges from April 2018.
Seeing that the Australian populace is not even 25,000,000, less than two-thirds the size of California, one might wonder if more pain is expected from 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 reduced the undisclosed number of its 1,000-plus employees. This follows 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 agreements. 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 for retail investors for making misleading statements and not holding monetary services licenses, among other issues. Treasury has now started its own discussion procedure for ICOs.