## Huobi Korea to Terminate Virtual Asset Trading, Cites Industry Concerns
Huobi Korea has recently made the decision to terminate its local virtual asset trading services, with the termination scheduled for January 29. The exchange has attributed this move to concerns about the current industry environment, as well as a broader initiative for brand renewal and system upgrades.
This decision is in line with the company’s proactive measures to adapt to changing market dynamics. Huobi Korea not only restricted some services but is also undergoing brand renewal and system upgrades to enhance its virtual asset exchange services. The company expressed regret for discontinuing services to its loyal customers and assured users that the withdrawal of assets will not be disrupted. Customers are encouraged to withdraw their holdings in both Korean Won (KRW) and virtual assets.
The termination announcement is preceded by significant changes within Huobi Korea, including the acquisition of majority shares by Chairman Cho Kook-bong, marking a distinct shift in ownership. Additionally, the exchange published a “proof of reserves,” showcasing a robust reserve ratio of 101%.
Huobi Korea plans to re-enter the market through new blockchain business models and services, demonstrating resilience and adaptability in response to industry challenges.
Source: [Coin Journal](https://coinjournal.net/)
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### Huobi Korea ceases virtual asset trading, citing industry concerns – FAQ
#### What led to Huobi Korea’s decision to terminate its virtual asset trading services?
Huobi Korea has attributed its decision to terminate its local virtual asset trading services to concerns about the current industry environment, alongside a broader initiative for brand renewal and system upgrades.
#### Will Huobi Korea support the withdrawal of assets for its users?
Yes, Huobi Korea has assured its users that the withdrawal of assets will not be disrupted during the termination process. Customers are encouraged to withdraw their holdings in both Korean Won (KRW) and virtual assets.
#### What changes have occurred within Huobi Korea before the termination announcement?
In the preceding year, Huobi Korea saw significant changes, including the acquisition of majority shares by Chairman Cho Kook-bong, marking a distinct shift in ownership. Additionally, the exchange published a “proof of reserves,” showcasing a robust reserve ratio of 101%.
#### How does Huobi Korea plan to navigate its future in response to industry challenges?
Huobi Korea plans to re-enter the market through new blockchain business models and services, demonstrating resilience and adaptability in response to industry challenges.
Source: [Coin Journal](https://coinjournal.net/)