Huobi Clarifies Korean Operations: Two Separate Entities Aiming at Same Market

The Company confirmed that it has previously broken every one of the ties with Huobi Korea, its previous subsidiary in South Korea.

Following the report about Huobi Korea’s planned buyout of its shares from Huobi Global, the latter uncovered that the deal has previously been made, with the two platforms operating separately since the fall of 2022.

In the public statement from Jan.11,Huobi Korea, its former subsidiary in South Korea, has already been broken up by Huobi Global.

According to the statement, in October 2022, the About Capital fund turned into the biggest investor and real controller of Huobi Global. In any case, the deal did exclude Huobi Korea’s shares, which had a place with Huobi Global’s investors and were stripped in the corporate structure. The official statement states:

“Huobi doesn’t know anything about Huobi Korea’s plans in the region. However, Huobi has heard from the Korean user community and will continue to monitor the advancement of the matter.”

Huobi’s platform serves Korean users and has a possibility for the Korean language. However, these operations don’t have anything to do with its former subsidiary.

On Jan. 9, a South Korean media outlet detailed that Huobi Korea is getting ready to buy its shares from Huobi Global and change its name. The announced deal ought to have incorporated the buyout by Huobi Korea director Cho Screwball bong of 72% of shares in Huobi Korea, possessed by Huobi Global co-founder Leon Li.

Huobi Korea was the country’s second-biggest exchange at the hour of its certification by the Korea Internet and Security Agency in January 2021. According to a News1 report, the Korean exchange was prodded into activity by concern over the parent company’s proof-of-reserves report delivered in December. Huobi has experienced a few issues in the new week. After a $6 million surge, it reportedly needed to lay off 20% of its workforce.