• Huobi Korea announced plans to sever its relationship with its parent company Huobi Global on January 9.
• The exchange plans to buy back all of its shares and change its name to distance itself from Huobi Global.
• The move is in response to domestic regulations facing Huobi Global.
Huobi Korea, a cryptocurrency exchange, recently announced plans to break away from its parent company Huobi Global. This decision came on January 9 and is part of the exchange’s plans to distance itself from Huobi Global, which has been facing a lot of issues due to domestic regulations.
In order to separate itself from Huobi Global, Huobi Korea will buy all of its shares and rebrand itself. This will be a major change for the exchange, as Huobi Global is one of the largest exchanges in the world. Founded in 2013 by Du Jun and Leon Li, the company’s current CEO, Huobi Global currently ranks 16th among the top exchanges by trading volume, competing head-to-head with Binance and Coinbase.
The decision to break away from Huobi Global is part of the exchange’s efforts to comply with domestic regulations. As cryptocurrency and blockchain become more popular, governments are beginning to impose stricter regulations on the industry. Huobi Korea is taking the necessary steps to ensure that it is abiding by these regulations and that it is not facing any issues due to its association with Huobi Global.
The move to break away from Huobi Global is a significant one, and it will certainly have an impact on the cryptocurrency industry. It remains to be seen how the markets will react to the news, but it is clear that Huobi Korea is committed to ensuring that it is compliant with all relevant regulations. Time will tell if other exchanges follow suit and break away from their parent companies.