Huobi Korea to Terminate Virtual Assets Exchange Services

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Major Announcement as Huobi Korea Restructures Operations and Assures User Support

  • Huobi Korea announces the termination of local virtual asset trading services on January 29, citing industry dynamics.
  • Users assured of continued support for seamless withdrawal amidst brand renewal and system upgrades.
  • Financial transparency emphasized with a “proof of reserves” at 101%, as Huobi Korea plans to re-enter the market through innovative blockchain models.

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Huobi Korea in a recent publication declared its decision to terminate local virtual asset trading services. The specified date for the cessation is January 29, reflecting the company’s strategic move in response to the prevailing industry conditions. This termination is part of a broader initiative encompassing brand renewal and system upgrades undertaken by the crypto exchange.

Huobi Korea’s choice to end crypto exchange services is primarily rooted in the current industry landscape. The company is navigating a path of transformation, marked by a comprehensive brand renewal and system upgrades aimed at enhancing the quality of virtual asset exchange services. The termination date is set for January 29, aligning with the company’s commitment to refining its operational framework.

Providing a glimpse into Huobi Korea’s recent history, the company made a pivotal decision last year to operate independently from its parent entity, Huobi Global. This move involved a significant shift in ownership, with Chairman Cho Kook-bong acquiring the majority shares, signaling a strategic realignment within the organization.

Also Read: South Korean Regulator Wants Ban on Credit Cards for Crypto Transactions

Impact on Users and Communication

As Huobi Korea proceeds with the termination of its virtual asset trading services, users are likely to experience some immediate changes. The company has implemented restrictions on certain services leading up to the termination date. Despite this, Huobi Korea reassures its user base that the process of withdrawing assets will continue seamlessly and without disruption.

In a direct communication to its customers, Huobi Korea expressed sincere gratitude for their loyalty over the years. The company acknowledges the disappointment users may feel due to the inability to sustain virtual asset exchange services. However, Huobi Korea emphasizes its commitment to supporting customers during this transition and looks forward to reintroducing itself through innovative blockchain business models and services.

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Financial Transparency and Future Plans

Huobi Korea recently took a step towards financial transparency by publishing a “proof of reserves” with an impressive reserve ratio of 101%. This move comes in the wake of broader industry concerns about the solvency of cryptocurrency firms, triggered by the unfortunate collapse of the SBF’s FTX crypto exchange.

Reflecting on developments from the previous year, Huobi Korea’s decision to sever ties with Huobi Global and operate independently set the stage for the current transformation. The acquisition of majority shares by Chairman Cho Kook-bong and the planned name change signify a strategic shift. The company looks ahead, expressing its anticipation for a return through the introduction of new blockchain business models and services.

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