Pionex removes Huobi’s market-making funds Zeynep Geylan · 2 hours ago · 1 min read
The exchange pointed at the declining trading activity on Huobi as the reason for this decision.
Cover art/illustration via CryptoSlate
The announcement states:
“Huobi Exchange’s trading activity on the platform has gradually decreased in recent months, and Pionex’s security team has also gradually reduced the aggregated market-making funds on the platform to maintain the financial security of Pionex users.”
Pionex is a crypto exchange that allows its users to automate their trading activities by using 12 built-in trading bots. It currently has 379 tokens available for trading. The exchange was banned by South Korea on Aug. 18, 2022, for being unregistered.
Huobi was the largest crypto exchange in China when it decided to shut down business in the country in November 2021, which caused the exchange to lose momentum.
In October 2022, Huobi founder Leon Li sold his shares to Tron DAO founder Justin Sun, which corresponded to 60% of the company. In the same month, leading crypto exchange Binance‘s derivatives trading surpassed Huobi’s.
At the end of 2022, the crypto community was informed that Huobi was struggling with the bear market conditions and would cancel year-end bonuses while laying off half its workforce. However, Sun came forward and denied these claims on Jan. 2, 2023.