Huobi Korea Wants to Leave Parent Company

According to the news reflected in the South Korean press today, the world’s largest cryptocurrency Huobi’s Korean arm Huobi Koreawants to leave the main stock market and continue on its own name.

Huobi Global carries its name to countries, often through partnerships for regions. 70% of shares of Huobi Korea, the name bearer in the Korean region, are owned by the main exchange founder Leon Li. The remaining share is held by local subsidiaries.

According to reports, Cho Kook-bong, chairman of Huobi Korea, wants to cut the link completely by buying the 70% stake owned by the parent company. Besides Huobi Korea, Kook-bong is also known as the owner of a large crypto mining company in the country.

There has been no official statement from either side regarding the purchase news yet. Huobi has been experiencing some difficulties lately.

One-Fifth of Workers Will Be Dismissed

One of the first crypto employment reduction news of 2023 came from Huobi. The exchange announced on January 6 that it plans to lay off 20% of its workforce.

News about the relationship between Huobi and Justin Sun continues to spread. Allegedly, Sun recently invested $100 million in the Huobi exchange.

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