As Huobi’s trading activity gradually declined, Singaporean crypto exchange Pionex removed Huobi’s market-making funds from its platform.
There are currently 379 tokens available for trading on Pionex, which was banned by South Korea on Aug. 18, 2022, for not being registered.
In November 2021, Huobi decided to shut down business in China, which caused the exchange to lose momentum.
Founder Leon Li sold 60% of Huobi to Tron DAO founder Justin Sun in October 2022, and Binance’s derivatives trading overtook Huobi’s.
Huobi announced at the end of 2022 that it would cancel year-end bonuses and lay off half of its staff due to bear market conditions. However, Sun denied these claims on Jan. 2, 2023.