Huobi Korea to shut down by Jan. 29 amid business challenges, following recent closures of other South Korean crypto exchanges.
Huobi Korea, the South Korean exchange that started as the Korean arm of global exchange HTX, will be closing its services on Jan. 29, according to an announcement that it made last Friday.
The company claimed that they are closing due to difficulties in the business environment. They clarified that Users will be able to withdraw funds on the exchange even after the shutdown.
“Considering the current business environment, the company is inevitably ending the virtual asset exchange service,” the exchange said in the statement.
Established in 2017, Huobi Korea cut ties with HTX — formerly known as Huobi Global — in January 2023.
The shutdown of Huobi Korea comes after the shutdown of other smaller South Korean exchanges like Cashierest and Coinbit, in November. Another platform CoreDAX has also suspended trading services, with it reportedly delaying wages for several months.
The top five performing exchanges in South Korea — Upbit, Bithumb, Coinone, Korbit, and Gopax — take up 99.6% of total crypto trade volume in the country as of June 30, 2023, according to the latest report from the Financial Services Commission (FSC). The five are the only exchanges to successfully register with the local financial regulators.
