A South Korean article claims that Huobi Global’s Korean division intends to sever connections with the parent business.
The trading platform’s management announced that they want to “strengthen its position” as a domestic cryptocurrency exchange and alter the name of the company.
Significant Withdrawals from Huobi as Huobi Korea looks to become independent
Around the cryptocurrency exchange Huobi Global, which changed its name to “Huobi” at the end of November 2022, there have been a lot of speculations and speculative discussions.
The BTC reserves of the cryptocurrency exchange currently stand at about 16,709 BTC.
Similar to this, on November 2, 2022, Huobi had 22 million ETH in reserves; however, according to figures from cryptoquant.com, the current stockpile is just 18.19 million.
Huobi Korea plans to separate from the parent business Huobi, according to a report from South Korean news source News1.
According to News1, Huobi Korea intends to buy parent company shares and rebrand.
According to the source, the “equity connection with Huobi Global will also be worked out,” and the teams intend to host a meeting between employees and senior executives.
According to News1, the name change and stock acquisition will eliminate the affiliation between the two businesses, enabling the Korean exchange to function freely.
According to a person who spoke to News1, the name change was a big deal.