Cryptocurrency exchange Huobi Global is moving to sunnier pastures with the Chinese company now shifting its headquarters to the Caribbean.
Amid rumors that Huobi would be laying off a substantial chunk of its work force, the news of changing headquarters aligns with expectations that the exchange is looking to establish a more flexible model of operation.
The news about the change of headquarters was originally reported by Financial Times, citing a board member, who argued that the Caribbean was known for its “super-friendly” stance on cryptocurrency.
Huobi is looking at several possible locations, including Dominica, Panama and the Bahamas, all of which would make excellent candidates for Huobi to establish its global headquarters.
Huobi already has offices in the Seychelles, and operates out of the US, Hong Kong, Japan, and South Korea.
The Financial Times believes that some 200 employees out of 1,600 will be relocated to the company’s new headquarters.
The Caribbean is an increasingly popular location for cryptocurrency companies, as they face difficulties in markets such as the US.
Many companies have preferred to move shop to laxer jurisdictions where businesses are allowed to operate freely.
Huobi recently underwent a buyout deal with About Capital Management (KG) Co becoming the largest shareholder in the company.
Two of the company’s top executive chose to resign when the news that the buyout had been completed was shared with the public.
At the time, a Chinese crypto blogger by the name of Colin Wu shared that the company is preparing to also start laying off people, but Huobi has already denied such rumors.
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