Huobi Korea has published an official notice that it will stop trading digital currencies as of January 29, 2024.
The exchange said it will end providing cryptocurrency trading services to South Korean residents in line with changes in the country's crypto market, Coincu reported.
The withdrawal from cryptocurrency trading is aimed at bringing the company's operations in line with the changing situation in the crypto industry.
Huobi Korea has promised to provide its users with a smooth transition through a client-centric approach. Due to the complete suspension of trading, users will be able to withdraw their assets in both Korean won and digital currencies without any hindrance. The crypto exchange assured that it would provide full support for the withdrawal of assets. Users will be able to withdraw funds without limitations until all withdrawals are completed.
"Given the current business environment, the company's position is that it will inevitably cease virtual operations. An asset exchange service has been implemented," Huobi said in a message to users.
"We cannot help but feel regret and disappointment for our clients who have been loyal to us for a long time, as we cannot continue to provide virtual asset exchange services. We look forward to seeing you again through the discovery of new business models and blockchain services after we complete the virtual asset exchange service."
Huobi's guarantee of a fair asset recovery process demonstrates its commitment to safeguarding the interests of its clients and ensuring the responsible provision of its trading services in the region. Even with significant operational changes expected, the company intends to ensure the safety and convenience of clients when withdrawing funds.
Huobi Korea emphasizes its commitment to maintaining its reputation as a user-centric cryptocurrency exchange.
Huobi's decision underscores the importance of adaptability and responsiveness. Users of the platform can expect transparent communication and support throughout the withdrawal process. This will help organize a smooth transition and protect their interests in the dynamic cryptocurrency space. Huobi Korea intends to maintain its position as a reliable and customer-focused participant in the crypto ecosystem.
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