The South Korean branch of HTX, one of the world’s largest cryptocurrency exchanges, announced that it will stop its services.
According to the statement made by Huobi Korea, the stock exchange is facing difficulties in its activities in the country. “work environment” because It will stop on January 29. After this date, users to withdraw their money will be able to continue.
“The company is discontinuing its virtual asset exchange services, which is inevitable given today’s business environment.” statement was made.
Huobi Korea was founded in 2021 as an arm of Huobi, advised by Justin Sun. in January 2023 ties between the two companies will be severed. It came up.
The Virtual Asset Investors Protection Law in South Korea will come into force in July. In this context, exchanges will have responsibilities such as keeping 80% of users’ money in cold wallets.
According to the information announced by the domestic regulatory authority, the total cryptocurrency transaction volume in the country is more than 99%consisting of Upbit, Bithumb, Coinone, Korbit and Gopax. among five exchanges is dispersed.