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.

ChainCatcher news, according to News1, ten domestic C2C exchanges in South Korea, including Oasis and Huobi Korea, have jointly launched the Virtual Asset Trading Association (VXA). They reached a consensus on addressing the monopoly issue in the South Korean virtual asset market by expanding the issuance of real-name accounts, creating an effective and fair competitive environment for consumer rights, expanding consumer choice through the provision of various services, establishing a sound ecosystem for the development of the virtual asset market, and restoring investment confidence and stability through the establishment of a thorough monitoring system. They also stated that they will urge specific implementation plans through the VXA in the future. (source link)

ChainCatcher news, according to South Korean media News1, Huobi Korea will sever ties with Huobi Global and operate independently. The report states that Huobi Korea will negotiate on equity issues, and currently, more than half of Huobi Korea's shares are owned by Huobi Global founder Li Lin. Huobi Korea Chairman Jo Guk-Bong will acquire a majority stake from Li Lin. (News1)