Crypto Exchange Huobi Korea to Shut Down Amid Industry Shifts”
Huobi Korea is set to cease operations by January 29 due to challenging business circumstances, mirroring the recent closures of other South Korean cryptocurrency exchanges.
Originating as the local branch of the global exchange HTX, Huobi Korea announced its impending closure last Friday, citing struggles within the business landscape as the primary reason.
The company emphasized that users can still withdraw their funds from the platform even after the shutdown.
Having been established in 2017, Huobi Korea severed its ties with HTX (previously Huobi Global) in January 2023.
This decision aligns with the closure of smaller South Korean exchanges such as Cashierest and Coinbit in November, alongside the suspension of trading services by CoreDAX, which reportedly faced delays in employee wages for several months.
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As of June 30, 2023, the Financial Services Commission (FSC) reported that Upbit, Bithumb, Coinone, Korbit, and Gopax collectively accounted for 99.6% of the country’s crypto trade volume.
These five exchanges are the sole entities to have successfully registered with local financial regulators.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
