Huobi Global is facing another hurdle in its operations, this time in Malaysia, over a suspected violation of the Capital Markets and Services Act, forcing the Securities Commission to halt its operations.
Only two months since entering 2023, thousands have been laid off in the digital currency industry, but hopes of a bull market remain, though it may not likely be the same as before.
The job cuts at the start of 2022 are not stopping Huobi from expanding into other markets, as it bares its plan to apply for a trading license in Hong Kong and create a new entity.
Huobi stated that it had created several tutorials and demos for beginners using the Cloud Wallet feature to ease the sudden transition, with the official discontinuation date on May 13.
Huobi Korea's move comes after multiple consultations with employees and relevant stakeholders, which it says "is a plan to strengthen its position as a domestic company."
Huobi Global has yet to offer a statement over the claims, but there remains speculation that the exchange is still reeling from its sudden exit from China.
Huobi has dropped the "Global" in its name and set up plans to expand globally, focusing on Southeast Asia and the Caribbean, as it looks to be part of the top three digital asset exchanges worldwide.
Global exchange Huobi will still maintain a presence in Seychelles but plans to relocate at least 200 employees to the new Caribbean headquarters.
Hong Kong-listed Huobi Technologies wants to change its name to “New Huo Technology Holdings Limited” for a fresh corporate image, with voting set for October 13.
South Korea's Busan aims to revive its ailing blockchain ecosystem under a new partnership with Huobi, who is setting its sights on cementing its name as a prominent digital asset exchange in the country.
Huobi describes itself as the only entity licensed to operate a trading platform for both retail and professional investors, although the exchange hasn't set an official launch date yet.