• Huobi Korea is set to operate as an independent entity after cutting ties with Huobi Global.
• Majority stakes in Huobi Korea will be bought from Huobi Global founder Leon Lin by Chairman Jo Guk-Bong.
• Huobi Global recently faced backlash from the community after allegedly ordering employees to accept salaries in USDT/USDC or face dismissal.
Huobi Korea, the South Korean subsidiary of Huobi Global, is set to become an independent entity after cutting its ties with Huobi Global. According to a report from Korean news outlet News1, the move will involve negotiating the ownership of equity, with Huobi Korea Chairman Jo Guk-Bong buying the majority stakes from Huobi Global founder Leon Lin.
The move comes amidst some controversy surrounding Huobi Global, who recently faced backlash from the community after allegedly ordering its employees to accept salaries in USDT/USDC or face dismissal. Twitter users claimed the exchange shut down communication channels with its internal employees, and further, some have accused the firm’s general adviser, Justin Sun, of withdrawing more than $1.5 billion since last October.
Huobi Korea’s decision to become an independent entity is part of the firm’s long-term strategy of providing a better trading environment and services for its customers. Jo Guk-Bong, who also owns a crypto mining business, stated, “We are going to build a local branch that can provide more services and better features.” He also added that the firm would be investing in product development and marketing in order to better serve its customers.
The move is expected to bring a wealth of benefits to Huobi Korea, with the firm hoping to gain more control over its operations and be able to provide better services to its customers. In addition to this, the firm will also be able to focus on expanding its market presence and growing its user base.
The news of Huobi Korea becoming an independent entity has been welcomed by many in the crypto community, with many seeing it as a positive step forward for the industry. With the global crypto market continuing to struggle, Huobi Korea’s decision to break ties with Huobi Global could be the start of something bigger for the entire industry.