Huobi Korea Breaks Ties with Global, Becomes Independent Entity

• Huobi Korea will be becoming an independent entity, breaking ties with Huobi Global
• Jo Guk-Bong, the Huobi Korea Chairman, will buy the majority stakes from Huobi Global founder Leon Lin
• Huobi Global has recently faced backlash from the community after ordering its employees to accept salaries in USDT/USDC or face dismissal

Huobi Korea, the South Korean subsidiary of Huobi Global, is making moves to become an independent entity and cut its ties with the world’s largest digital asset exchange. News1, a Korean news outlet, reported that Leon Lin, the founder of Huobi Global, owned more than half of Huobi Korea. Among the next major shareholders are Huobi Korea Chairman Jo Guk-Bong and Korea Land Trust. Jo, who owns a crypto mining business, will buy the majority stakes from Lin.

The move to become an independent entity has been met with some controversy. Recently, Huobi Global has been facing backlash from the community after ordering its employees to accept salaries in USDT/USDC or face dismissal. Justin Sun, the firm’s general adviser, was accused of withdrawing more than $1.5 billion since last October. Several reports also claimed that the exchange shut down communication channels with its internal employees.

The move from Huobi South Korea to become an independent entity is likely to have significant implications for the digital asset trading industry. Huobi Global is the world’s largest digital asset exchange and the move could potentially open up competition in the industry. It remains to be seen how this move will affect Huobi Global and the digital asset trading industry as a whole.