Recently, China Digital Currency Exchange (Huabi) has had to deny the rumors of large-scale layoffs in the company's internal structure. The exchange has released a plan to move its head office to a jurisdiction in Curacao, and the Dominican Republic is the first candidate
In a statement on November 1, the Financial Times of the United States quoted a member of the Board of Supervisors and expressed the intention of the company to "make every effort in Curacao". The main reason is the "very friendly" data encryption view, common law mechanism and the choice of English. In Dominica, Barama and the Bahamas are the "leaders" among the host countries of Hobby.
The representative of Huabi had already met with Dominican Prime Minister Reagan Skerrit last year. The company will cooperate with the host government to improve its data encryption infrastructure construction.
At this stage, Hobby's company headquarters is located in the Seychelles Islands in the Indian Ocean, and the exchange is equipped with service offices in Hong Kong, South Korea, Japan and the United States. According to the US Financial Times, the company plans to move 200 of its 1600 employees to its new headquarters.
The Caribbean region has become a hot topic in the field of data encryption. In particular, FTX, an exchange established in the United States in 2021, has moved from Hong Kong to the Bahamas. Other companies registered in the local jurisdiction include Binance, C-Trade and PrimeBit.
In October, About Capital Management (HK) Co. Ltd, a Hong Kong investment management company headquartered by the company, became a major shareholder of Hobby Global after its successful recovery.
Later this month, Colin Wu, the chief creator of China Data Encryption Blog, quoted the words "people who know about fire coins" and said that after the purchase, two management levels left the company and the company was about to cut 1600 employees. A spokesman for Huabi rejected the rumors of mass layoffs and said that the company "has healthy cash flow". However, he recognized that due to the depression of cryptocurrency market, it is still possible to reduce some costs, although it did not respond to what this might mean.