Huobi Korea Announces Termination of Crypto Exchange Services
Huobi Korea has announced that it will be terminating its crypto exchange services on January 29. This decision comes as the company cites the current industry environment as the reason for the closure. Despite this, Huobi Korea assures its customers that they will still be able to withdraw their assets safely and without any disruption.
The company expresses its gratitude to its loyal customers and apologizes for not being able to continue providing virtual asset exchange services. However, Huobi Korea is optimistic about the future and plans to return with new blockchain business models and services.
Separation from Huobi Global
Last year, Huobi Korea made the decision to separate from parent company Huobi Global and operate as an independent entity. The chairman of Huobi Korea, Cho Kook-bong, acquired majority shares from Huobi Global founder Leon Li. The company also had plans to change its name while continuing to offer virtual asset trading services.
Proof of Reserves Publication
In a move to address concerns about its solvency, Huobi recently published a “proof of reserves” statement showing a reserve ratio of 101%. This came after doubts were raised following the collapse of SBF’s FTX crypto exchange.
Hot Take: Huobi Korea Shuts Down Crypto Exchange Services
Huobi Korea has announced the termination of its crypto exchange services due to the current industry environment. While this may disappoint loyal customers, the company will continue to support asset withdrawals. This decision comes after Huobi Korea separated from its parent company and planned to rebrand itself. Additionally, concerns about solvency led Huobi to publish a proof of reserves statement. Despite these challenges, Huobi Korea remains hopeful about the future and aims to return with new blockchain business models and services.
By
By
By
By
