Huobi Korea Announces Termination Of Virtual Asset Exchange Services

Crypto exchange Huobi Korea on Thursday said it will terminate local virtual asset trading services at the end of January, citing the current industry environment. Meanwhile, the crypto exchange will continue to support its customers in withdrawing assets. It joins other crypto exchanges to terminate crypto asset trading services as part of the brand renewal and upgrades.

Huobi Korea to Terminate Crypto Exchange Services

Huobi Korea will terminate crypto exchange services on January 29, as per a notice on the official website. The exchange has restricted some services and has been carrying out brand renewal and system upgrades to provide better virtual asset exchange service.

It cites the current business environment as the reason to inevitably terminate the virtual asset exchange service. However, the exchange will continue to support withdrawals of customers’ assets safely and without any disruption. Users can withdraw their holdings in KRW and virtual assets.

“We would like to express our sincere gratitude to all of our customers who have used Huobi Korea. We cannot help but feel sorry and disappointed for our customers who have been loyal to us for a long time for not being able to continue to provide virtual asset exchange services,” said Huobi Korea.

The company will look forward to returning through new blockchain business models and services.

Also Read: South Korea To Restrict Credit Card Use For Crypto Transactions

Last year, Huobi Korea announced a decision to cut ties with parent Huobi Global (now HTX) and operate as a separate entity. Moreover, Huobi Korea chairman Cho Kook-bong acquired majority shares held by Huobi Global founder Leon Li. Huobi Korea also planned to change its name and continue to provide virtual asset trading service to its customers.

This major development has landed amid Huobi publishing a “proof of reserves” which was backed with a reserve ratio of 101%. However, this was done shortly after the concerns were raised regarding the crypto firm’s solvency after the horrible collapse of the SBF’s FTX crypto exchange.

Also Read: US SEC Argues Terra Ruling Relevant In Binance, Binance.US, CZ Lawsuit

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