Jan. 9 that cryptocurrency exchange Huobi Korea is preparing to purchase its shares from Huobi Global and change its name.
About 72% of shares in Huobi Korea are owned by Huobi Global cofounder Leon Li. Huobi Korean chairman Cho Kook-bong would take over Li’s share in the Korean company. Cho is also the owner of a major crypto mining operation in the country, according to local outlet News1.
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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