Huobi clarifies Korean operations: Two separate entities aiming at same market

Following the report about Huobi Korea’s planned buyout of its shares from Huobi Global, the latter revealed that the deal has already been made, with the two platforms operating separately since the fall of 2022.

In the press release from Jan. 11, Huobi Global — rebranded to Huobi in November 2022 — confirmed that it has already broken all ties with Huobi Korea, its former subsidiary in South Korea. According to the statement, in October 2022, the About Capital fund became the largest shareholder and actual controller of Huobi Global. Still, the deal didn’t include Huobi Korea’s shares, which belonged to Huobi Global's shareholders and were divested in the corporate structure. The press release states:

“Huobi has no relationship with Huobi Korea and is unaware of their upcoming plans in the region. However, Huobi has heard from the Korean user community and will continue to monitor the progress of the matter.” Huobi’s platform serves Korean users and has an option for the Korean language. However, these operations have nothing to do with its former subsidiary.On Jan. 9, a South Korean media outlet reported that Huobi Korea is preparing to purchase its shares from Huobi Global and change its name. The reported deal should have included the buyout by Huobi Korea chairman Cho Kook-bong of 72% of shares in Huobi Korea, owned by Huobi Global co-founder Leon Li.

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Huobi Korea seeks to split from parent company, change its name: ReportHuobi Korea is taking action to separate itself from its parent company, and a name change may be in order. According to a News1 report, the Korean exchange was spurred into action by concern over the parent company’s proof-of-reserves report released in December. It indicated Huobi Global had reserves of over $3 billion, but 43.3% of those reserves were in its self-issued Huobi Token.
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