Crypto exchange Huobi Global has revealed plans to cut hundreds of jobs amounting to about a fifth of its workforce in the wake of last year’s implosion of competitor FTX.

Justin Sun, Huobi Global’s advisory board member and a Chinese crypto entrepreneur, told the Financial Times that the job cuts would begin as early as next month and that “most” of the losses would happen in Asia. “We are gradually reducing our concentration in Asia although the region will remain an important market,” he said.  

“We are not in financial trouble,” Sun said in a voice message, explaining that Huobi’s current performance “does not match” its operational objectives because of redundancy and market deterioration, adding that it was “mostly done” with the reduction plans. But he was unable to say whether there could be another round of job cuts. He also said that employees’ year-end bonuses had been reduced. Sun added: “The [job cuts] have nothing to do with FTX.”