Huobi Global released an official statement that the company is considering plans to move its headquarters to the Caribbean. The company has grappled with several rumors over the past week that more than 200 employees will be laid off. According to the announcement, the company is considering making the Dominican Republic its new headquarters location.
Huobi Global is considering relocation plans
According to a report published by the FT, the company is ready to fully enter the site. Huobi Global cites the adoption of the English language, its friendly attitude towards digital assets, and the country’s legal system as factors under consideration. In addition to the Dominican Republic, the government has also highlighted Panama and the Bahamas as possible locations.
The report mentions that there was a meeting between the crypto company and Dominican Prime Minister Roosevelt Skerritt. Some of the topics discussed included how the two organizations would partner to enable the country to develop its crypto system.
Company changes hands in October
Huobi Global is currently headquartered in the Seychelles with additional offices in the US, Hong Kong and Japan. The FT report claims the company has plans to move about 200 of its 1,600 employees to the new headquarters. The Caribbean has become one of the most desirable tourist destinations due to its openness to new technologies. Some of the companies that have moved into the spot include FTX, which switched last year, Binance, and PrimeBit.
Last month, About Capital Management took over Huobi Global after initiating a purchase deal. After the deal was signed, there were rumors that some executives would step down from the old management. The company is also expected to lay off some of its employees. However, a company spokesperson dismissed concerns that the company is still very green financially. However, he hinted that the company would cut some costs due to the difficult market situation.