Huobi Korea surprised its users with the sudden announcement of the termination of its services. The crypto exchange company said it will stop the operation of its platform this month and issued a notice for all users.

What Led to the Shut Down of Huobi’s Virtual Asset Exchange Platform in Korea

The firm said that it would discontinue its services in South Korea and cited the changing business environment. Huobi Korea revealed that its local virtual asset trading services will only be available until Jan. 29, as per CoinGape.

This is to give time to users to withdraw their assets from the platform. People should also finish whatever business they need to do or complete before the site entirely shuts down three weeks from now.

“We would like to express our sincere gratitude to all of our customers who have used Huobi Korea,” part of Huobi Korea’s announcement reads. “We cannot help but feel sorry and disappointed for our customers who have been loyal to us for a long time for not being able to continue to provide virtual asset exchange services.”

Comeback Plans as a Better Company in the Future

Huobi Korea has started the process of closure by restricting some services and leaving only a few to allow users to finish any transaction. It was mentioned that the exchange has plans to re-open its platform later.

In fact, it is already upgrading its system and carrying out brand renewal to offer better services for digital exchange transactions. The firm is aiming to make a comeback through new blockchain business models with new services.

Finally, CoinCodeCap reported that despite ceasing its operation, Huobi Korea assured its clients that their digital assets were safe and everyone had a chance to withdraw their funds before the closure. The firm also stressed that it is committed to making these withdrawals easy and disruption-free for all users.

Photo by: Huobi Korea Press Release