On Jan. 9, South Korean media site New1 reported that cryptocurrency exchange Huobi Korea is making plans to buy its Huobi Global shares and change its name. Huobi Global is the parent company of Huobi Korea.

About 72% of the shares of Huobi Korea are owned by Leon Li, who was also one of the co-founders of Huobi Global. Li’s share of the Korean company would be bought out by Cho Kook-bong, the president of Huobi Korea, who would later become the company’s sole shareholder.

Huobi has faced a number of challenges over the past few days for a variety of different reasons.

It was reported that on January 6, following a loss of $6 million in revenue that week, it laid off 20% of its workforce.

In recent weeks there has been a lot of speculation about the situation at Huobi Global.

It was one of the first partners of the city of Busan in its bid to become the blockchain city of South Korea, but it was abandoned along with the other four global partners before the end of the previous year. The city of Busan is working to become the blockchain capital of South Korea. This transaction took place in October and involved Li selling his share of Huobi Global to Justin Sun.

Huobi Korea was the second largest exchange in the country when it received accreditation from the Korea Internet and Security Agency in January 2021. This means it was second only in size to the largest exchange in the country.

According to the article published by News1, the Korean stock market’s decision to take action was due to concerns about the reserve test report the parent company provided in December. Huobi Global has reserves totaling more than $3 billion, but 43.3% of those reserves were held in the company’s self-issued token, called Huobi Token.

Starting in November, Huobi Global announced that they were planning to move to the Seychelles and on the 30th of that same month they revealed that they would be forming a strategic alliance with Poloniex.