Huobi Korea, originally the South Korean branch of the global exchange HTX, announced its decision to cease operations by January 29, as stated in a release from last Friday.
The firm pointed to challenging business conditions as the primary factor behind its closure. However, they reassured users that they would still have the opportunity to withdraw their funds from the platform after its closure.
The company’s statement read, “Considering the current business environment, the company is inevitably ending the virtual asset exchange service.”
Founded in 2017, Huobi Korea cut ties with HTX, previously recognized as Huobi Global, in January 2023.
This move by Huobi Korea comes on the heels of shutdown declarations by other minor South Korean exchanges, namely Cashierest and Coinbit, back in November. Moreover, CoreDAX has halted its trading activities and allegedly postponed employee salaries for several months.