Huobi Korea shuts down platform citing difficult operating environment

2024-01-05 11:59:26

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ChainCatcher news, the South Korean exchange Huobi Korea announced last Friday that it will shut down services on January 29. The company stated that the reason for the closure is "difficult operating environment." The announcement pointed out that even after the closure, users will still be able to withdraw funds from the exchange. Before Huobi Korea's closure, other smaller exchanges in South Korea, Cashierest and Coinbit, also announced their shutdown in November. Huobi Korea was established in 2017 and severed ties with HTX (formerly Huobi Global) in January 2023 to operate independently.

According to the latest report from the Financial Services Commission (FSC) of South Korea, as of June 30, 2023, the top five exchanges in South Korea are Upbit, Bithumb, Coinone, Korbit, and Gopax, which account for 99.6% of the total cryptocurrency trading volume in South Korea.

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