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.
After unveiling its global expansion strategy and barely a week after dispelling rumors of a merger, Huobi join hands with Poloniex in an effort to provide fresh offerings to users.
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.
Details of the deal's valuation were not made public, but there is speculation that the amount would be below market value as Huobi has endured a difficult time in recent months.
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.
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.
Huobi also axed Verge and DASH “in compliance with the latest financial regulations” at a time when several regulators have cracked down on anonymity.
Huobi explains that the depeg was caused by a decision to close market maker accounts in several regions to comply with regulations.
At the time of writing, Uzbekistan has licensed only one known digital asset exchange: South Korea's UZNEX.
