cryptocurrency exchange in singapore Pionex announced that it has removed Huobi’s Market Making Fund from its platform due to a gradual decline in trading activity on the exchange.
The announcement states:
“Trading activity on Huobi Exchange’s platform has been gradually declining over the past few months, and Pionex’s security team has also decided to aggregate market-making funds on the platform to maintain the financial security of Pionex users. We are gradually reducing it.”
Pionex is a crypto exchange that allows users to automate their trading activities with 12 built-in trading bots. There are currently 379 tokens available for trading. This exchange has been banned by South Korea for not being registered on August 18, 2022.
Huobi was the largest cryptocurrency exchange in China when it decided to close its operations in China in November 2021. This caused the exchange to lose momentum.
Leon Li, founder of Huobi, October 2022 sold Transferred his shares to Justin Sun, the founder of Tron DAO. This is his 60% of the company. In the same month, derivatives trading on major crypto exchange Binance surpassed Huobi.
At the end of 2022, the crypto community was informed that Huobi was suffering from bear market conditions and would cancel year-end bonuses while laying off half of its employees. However, on January 2, 2023, Sun came forward and denied those claims.