The South Korean subsidiary of the crypto exchange Huobi is looking to severe ties with its parent company Huobi Global amid plans to strengthen its position.
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Huobi Korea to Severe Ties With Parent Company
Recently, there have been a lot of talks about the crypto exchange Huobi regarding whether or not it is solvent after a recent report of staff layoff by the exchange, an allegation which the exchange advisor, Tron’s Justin Sun has continuously been addressing to be untrue.
As part of the response to the above rumor, Huobi has been experiencing a surge in withdrawals on its platform, Huobi as of November 2022 held over 20,000 BTC, fast forward to today, has about 16,000 BTC in its reserve, as per statistics Cryptoquant. Similar data is shown with the exchange’s ETH reserve.
As the insolvency rumor continues to grow, a South Korean local media News1 reported that the South Korean Huobi exchange subsidiary is planning to cut ties with its parent company Huobi and subsequently change its name. The “equity relationship with Huobi Global will also be sorted out,” the report stated, adding that the team is planning a meeting between the top executives and the staff.
“Huobi Korea has suffered from being perceived as a foreign exchange, particularly with the image of a ‘Chinese exchange,’”said the source. “It can be interpreted as an effort to demonstrate that it is a ‘domestic exchange’ that is as safe as it is.”
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