Huobi Korea, a leading virtual asset exchange, has announced the termination of its local virtual asset trading services. The decision comes as part of the exchange’s strategic move to adapt to the changing market dynamics and improve its overall offerings. The termination is scheduled for January 29, reflecting concerns about the current industry environment.

In addition to terminating services, Huobi Korea has implemented upgrades and restraints on certain services to enhance its exchange platform. These proactive measures demonstrate the exchange’s commitment to providing enhanced virtual asset exchange services.

While Huobi Korea expressed regret for discontinuing services to its loyal customers, it reassures users that they can withdraw their assets without any disruption. Customers are encouraged to withdraw their holdings in both Korean Won (KRW) and virtual assets.

This termination announcement follows significant changes within Huobi Korea, including operating independently from its parent company, Huobi Global. Chairman Cho Kook-bong acquired majority shares, indicating a shift in ownership.

Furthermore, Huobi Korea recently published a “proof of reserves,” showcasing a robust reserve ratio of 101%. This move aims to address industry concerns surrounding the solvency of crypto firms, particularly after the collapse of the FTX crypto exchange.

Looking ahead, Huobi Korea plans to re-enter the market with new blockchain business models and services. The exchange’s resilience and adaptability in response to industry challenges highlight its strategic approach to maintaining its position in the ever-evolving cryptocurrency landscape.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries
Sentiment	positive
Relevance Score	1
People	Cho Kook-bong
Companies	FTX, Huobi Korea, Huobi Global
Currencies	None
Securities	None