{"id":16279,"date":"2023-01-10T00:33:39","date_gmt":"2023-01-10T00:33:39","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/huobi-korea-plans-to-cut-ties-with-parent-company-strengthen-domestic-presence-bitcoin-news\/"},"modified":"2023-01-10T00:33:39","modified_gmt":"2023-01-10T00:33:39","slug":"huobi-korea-plans-to-cut-ties-with-parent-company-strengthen-domestic-presence-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/huobi-korea-plans-to-cut-ties-with-parent-company-strengthen-domestic-presence-bitcoin-news\/","title":{"rendered":"Huobi Korea Plans to Cut Ties With Parent Company, Strengthen Domestic Presence \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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According to a report from South Korea, the Korean subsidiary of Huobi Global is planning to cut ties with the parent company. The management of the trading platform stated that they plan to \u201cstrengthen its position\u201d as a domestic cryptocurrency exchange and change its name.<\/strong><\/p>\n

Huobi Experiences Significant Withdrawals as Subsidiary Huobi Korea Looks to Go Independent<\/h2>\n

There has been much speculation and many rumors<\/a> surrounding the cryptocurrency exchange Huobi Global, which rebranded to simply \u201cHuobi\u201d at the end of November 2022. Reports indicated that Huobi laid off 20% of its staff and plans to maintain \u201ca very lean team\u201d going forward.<\/p>\n

Additionally, Huobi has experienced a significant amount of withdrawals recently. Cryptoquant statistics show that on November 2, 2022, Huobi held more than 20,000 BTC<\/a>. As of today, the cryptocurrency exchange\u2019s BTC<\/a> reserves are approximately 16,709 BTC<\/a>. Similarly, Huobi had 22 million ETH<\/a> in reserves on November 2, 2022, but according to cryptoquant.com statistics, the current stash is down to 18.19 million<\/a>.<\/p>\n

Amid the speculation, South Korean news outlet News1 has reported<\/a> that Huobi Korea wants to break away from the parent company Huobi. News1 reports that Huobi Korea plans to purchase shares from the parent company and change its name. The \u201cequity relationship with Huobi Global will also be sorted out,\u201d according to the report, and the teams plan to hold a meeting between employees and top executives.<\/p>\n

News1 reported that the name change and stake purchase will sever the ties between the two firms, allowing the Korean exchange to operate independently. One source told News1 that the name change was a significant event. \u201cHuobi Korea has suffered from being perceived as a foreign exchange, particularly with the image of a \u2018Chinese exchange,\u2019\u201d the source said. \u201cIt can be interpreted as an effort to demonstrate that it is a \u2018domestic exchange\u2019 that is as safe as it is.\u201d<\/p>\n

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\nTags in this story
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BTC<\/a>, Cryptocurrency Exchange<\/a>, Cryptoquant<\/a>, domestic exchange<\/a>, equity relationship<\/a>, ETH<\/a>, Foreign exchange<\/a>, Huobi<\/a>, Huobi Global<\/a>, huobi korea<\/a>, Huobi parent company<\/a>, independent path<\/a>, korean exchange<\/a>, layoffs<\/a>, local subsidiary<\/a>, News1<\/a>, parent company<\/a>, rebranding<\/a>, rumors<\/a>, South Korea<\/a>, Speculation<\/a>, staff<\/a>, trading platform<\/a>, Withdrawals<\/a><\/div>\n<\/div>\n

What do you think about Huobi Korea attempting to sever ties with the parent company Huobi? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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