Huobi Global records a profit of $30 million in the first quarter, said Tron founder and Huobi Global advisor Justin Sun on Monday. The move comes amid plans of Justin Sun to receive a virtual asset service provider license for Huobi crypto exchange in Hong Kong.
Huobi Global Posts Revenue of $150 Million in Q1
Justin Sun in a tweet on April 10 revealed that Huobi posts $150 million in revenue in the first quarter. The expenditure in Q1 was $120 million. It recorded a profit of $30 million despite several issues after the collapse of the crypto exchange FTX.
He predicts that Huobi’s revenue will be $187 million and its expenditure will be $76 million in the second quarter. Thus, increasing its quarterly profit by almost four times to $111 million in Q2. The exchange has taken a large number of measures to reduce costs and increase efficiency in the first quarter. The trading platform business was in a state of consolidation.
Interestingly, the transparency move has come as the crypto exchange is actively looking to receive a license in Hong Kong.
Earlier reports claim that Tron founder Justin Sun is reportedly in discussion to sell some stakes in the crypto exchange Huobi Global. Meanwhile, Binance reportedly refused an offer to buy out Justin Sun’s ownership stake in Huobi. However, he has denied any discussion about selling a stake in Huobi Global.
Trading volume on Huobi continues to decline despite the purchase by Justin Sun. In the last 24 hours, the crypto exchange is out of the top ten in terms of the trading volume.
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On March 22, the US Securities and Exchange Commission (SEC) filed a lawsuit against Justin Sun for allegedly violating securities rules. He is also accused of violating anti-fraud and market manipulation regulations. However, he argues the lawsuit “lacks merit”. He also slammed the SEC for not bringing clear regulatory rules and transparent guidelines.
Last month, Huobi announces a strategic partnership with Gala Games for Web3 and Layer-1 development, committing to the Web3 ecosystem.
Huobi Token (HT) currently trades at $3.59. The HT price continues to trade sideways and lacks any significant movement despite a broader market recovery.
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