As a part of strict domestic Crypto regulation, Huobi Korea decided to separate itself from its parent company Huobi Global.
Huobi Global was a popular Crypto exchange and was easily giving better competition to the top Crypto exchanges like Coinbase & Binance but in the present time, this exchange is ranking at 23rd rank, in terms of 24 hours global Crypto trade volume on its platform.
Huobi Korea is a subsidiary of Huobi Global. This means Huobi Global is acting as a parent company. Du Jun and Leon Li founded Huobi Global exchange in 2013. Leon Li is the current CEO of Huobi Global and also a 72% share owner of Huobi Korea.
On 9 Jan, News1 reported that Huobi Korea is planning to buy all the Huobi Korea shares from Leon Li so that Huobi Korea can rebrand its name & completely cut off any relationship with Huobi Global.
Reportedly, Huobi Korea Chairman Cho Kook-bong said that the Huobi Korea team arranged a plan to buy all Huobi Korea shares from Leon Li and also noted that the current regulatory environment in South Korea is forcing them to take this decision.
Perhaps, no announcement was made regarding Huobi Token (HT) but still this coin saw a sudden downfall for a short time, which can be seen in the HT price chart. At the time of writing this article, the price of HT tokens is down by 24.3% over the last 30 days of trade price.
In the last few weeks, a negative news was spreading in the Crypto market about the possibility of a Huobi exchange meltdown. So far to this date, Huobi Global advisor Justin Sun handled the situation perfectly.
Justin Sun is the founder of many Crypto projects including Tron blockchain, Sunswap, JustSwap, WinkLink, Poloniex exchange, BitTorrent, etc. In late 2022, a few reports claimed that Justin was a core investor in Huobi & now he is the biggest owner of Huobi Global exchange but Justin denies such reports.