Huobi Korea Breaks Ties With Parent Firm, to Rebrand Itself as a Separate Crypto Exchange

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Last Updated on January 9, 2023 by Bitfinsider

In light of the purportedly shaky financial condition of the cryptocurrency exchange, Justin Sun’s Huobi Global is dealing with a number of difficulties. A significant development is that Huobi Korea, the company’s South Korean subsidiary, has apparently chosen to separate from its parent company.

According to sources, Huobi Korea wants to start its own company. The Korean is prepared to buy all of its shares, which are currently held by Huobi Global, as part of this offer. The cryptocurrency exchange’s name will also be changed by the company.

More than 50% of the shares in Huobi Korea are owned by Leon Li, the creator of Huobi Global. Cho Kook-bong, CEO of Huobi Korea, is reportedly willing to buy out all shares, nevertheless.

This significant advancement occurred as Huobi published a “proof of reserves” that was supported by a 101% reserve ratio. However, this was carried out not long after worries about the crypto firm’s viability arose following the terrible failure of the SBF’s FTX cryptocurrency exchange.

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