Korean division of Huobi crypto exchange intends to cut off relations with Huobi Global

News1 reports, citing unnamed Huobi Korea sources, that on January 9, 2023, the Korean division of the Huobi Global cryptocurrency exchange began preparing a buyback procedure for its shares owned by the parent company.. Korean branch plans to change its commercial name: “Huobi Korea is constantly suffering from the image of a Chinese exchange. The name change and share buyback can be interpreted as an attempt to show that it is a safe, national exchange.. This is an opportunity to break the taint and take an independent path in the Korean market before problems at Huobi Global become too critical,” News1 said in a statement. The situation around Huobi Global negatively affected Huobi Korea's business and its users several times. For example, in 2021, after the enactment of the Special Financial Information Act, Huobi Korea was forced to suspend transactions for five months due to a change in the location of the Huobi Global headquarters. Right now, Huobi Korea, like its parent company, is facing increased pressure from customers and asset stripping amid rumors of a lack of working capital and fears that the parent company may go bankrupt. Earlier, the cryptocurrency exchange Huobi announced its intention to lay off most of the staff in the new year, as well as reduce the wages of the remaining employees.