Huobi Korea intends to sever ties with its parent exchange Huobi and continue to operate as a local company in South Korea

The South Korean division of cryptocurrency exchange Huobi will separate from the global platform, according to News1. The Huobi Korea platform intends to sever these ties and continue operating as a local company in South Korea.

Huobi, founded in 2013, is registered in the Seychelles and has offices in Hong Kong, the United States, Japan and South Korea. The platform recently announced plans to move its headquarters to the Caribbean. Huobi remains one of the largest crypto exchanges by trading volume. According to CoinMarketCap, the daily figure on the platform exceeds $373 million.

On Jan. 9, Huobi Korea began preparations for a stock buyback. More than half of Huobi Korea is owned by Leon Lin, founder of Huobi Global (which was renamed Huobi in November 2022). Major shareholders also include Huobi Korea chairman Cho Kuk Bong and Korea Land Trust. Cho will acquire a controlling stake from Lin, increasing his stake to 72 %.

Separation of companies takes place because of the conflict between Huobi Korea and Huobi. The Korean platform has suffered from the image of a foreign platform. And especially from associations with the “Chinese exchange.” The Huobi Global platform was founded and was based in China until 2017.

Huobi Exchange has been experiencing difficulties over the past few weeks. Amid news of the layoff of 20% of staff and a reduction in reward, its users began to withdraw assets from the platform in droves. They fear even the minimal risk of crypto exchange insolvency.

Our experts noticed that the CEO of CryptoQuant analytics platform Ki Jung Ju pointed out. That over the past year, Bitcoin reserves at Huobi have fallen by 90%. According to him, the platform has the dirtiest reserves compared to, for example, Binance.

Huobi to issue Dominica Coin, approved by government of the island state of the Commonwealth of Dominica. Review by Crypto-Upvotes experts

Crypto exchange Huobi announced plans to launch the world’s first national token in honor of Commonwealth of Dominica. In cooperation with blockchain Tron Network and DMC Labs and with the approval of the island nation’s government. Dominica Coin will be launched on Tron Network.

The Commonwealth of Dominica is a state on the island of the same name in the Lesser Antilles in the Caribbean Sea. The area of its territory is 751 km², and its population is about 75 thousand people. Official currency is the Eastern Caribbean dollar. It is used in 8 countries of Organization of Eastern Caribbean States (OECS).

Project Huobi will also include the launch of the Dominica DID. Both Dominica DID and DMC will initially be issued on the Tron network. Because it has become Dominica’s national blockchain infrastructure. In the future, the developers plan to make the DMC token interoperable with Ethereum, BSC and other networks via the BitTorrent Chain protocol.

How to get DMC ?

DMC will be released on Huobi Prime. In addition, exchange will hold an airdrop of DMC tokens (giveaway). And it will also include a Dominica DID application for each registered user.

Users will be able to create Soul-Bound Tokens with Dominica DID on the Tron network. An SBT or non-transferable token is a type of NFT asset that is issued in a single instance and is tied to a specific blockchain address. In Metaverse Dominica, SBT holders will be entitled to digital citizenship of this metaverse. At the same time, they will be able to claim passports issued by the Dominica government. Which allow their holders visa-free access to more than 130 countries and regions around the world. Including EU, Switzerland, UK, Singapore, Russia, Brazil and Hong Kong.

Just like TRX and USDD tokens, DMC will have legal status in the Commonwealth of Dominica and can be used as a means of payment in that country. It will be used as a native token in the Dominica metaverse

Crypto exchange Huobi said it plans to increase investment in Southeast Asia, Europe and other regions to expand its user base

Cryptocurrency exchange Huobi Global announced launching an updated branding strategy. This strategy includes changing the name to Huobi (without Global) and strengthening global development. These changes are related to the acquisition of the exchange by About Capital Buyout Fund in October 2022.

This new name consists of two Chinese characters, “火” and “必. First represents the eternal life force and its transmission to future generations in Chinese culture. The second symbol means determination to win, reflecting our desire to return to the top 3 exchanges of crypto industry.

Huobi also plans to increase investment in Southeast Asia, Europe and other regions. Which could potentially expand the platform’s user base. In addition, Huobi reported on possible strategic mergers and acquisitions. As well as plans to attract world-class talent in blockchain and virtual assets.

Huobi said it intends to establish a presence in the Caribbean region as part of its global development. It is a region with a regulatory stance favorable to crypto platforms, common law systems and the use of English.

In early November, the Chinese crypto exchange already announced that it would be moving its headquarters to the Caribbean. The Dominican Republic was the main candidate to locate this office.

Our experts note, while on CEX exchanges there is an outflow of liquidity. Other exchanges are trying to take higher places at the expense of this crisis.

Huobi stopped trading 7 tokens. And asked users to cancel all open orders for these cryptocurrencies, Crypto-Upvotes expert review

Cryptocurrency exchange Huobi Global will delist seven anonymous cryptocurrencies. The list includes Monero (XMR), Dash (DASH), Decred (DCR), Firo (FIRO), Verge (XVG), ZCash (ZEC) and Horizen (ZEN). Trading of these tokens was terminated on September 6 on this platform. Which was announced on this platform’s blog on September 12. Huobi team asks users to cancel all open orders for these cryptocurrencies in a timely manner.

Anonymous cryptocurrencies – these are cryptocurrencies that hide transactions in blockchain. In order to preserve anonymity of transaction participants and traces of their actions. Withdrawal function in these tokens continues to function for now.

According to Coingecko, centralized exchange Huobi Global, founded in 2013, ranks 8th by trading volume ($816 million). Cryptocurrency exchange features about 630 assets and more than 1,000 trading pairs.

Also in early August, a largest cryptocurrency Monero (XMR) mining pool named MineXMR announced its closure. Platform team asked miners to reconfigure their equipment to other pools by August 12.

Effects of rejection of anonymous cryptocurrencies

Unfortunately, more and more CEX exchanges are delisting anonymous cryptocurrencies. This is due to the fact that many CEX exchanges must follow the rules of international regulatory organizations. And the internal rules of the country in which they are located.

Most likely, we are facing the start of a global confrontation between cryptocurrency exchanges and anonymous cryptocurrencies. Because tensions have long been brewing between blockchain ideologues and traditional traders. Real cryptocurrency followers follow original ideals of technology and privacy. And traditional traders have come into cryptocurrency world only out of profits.

Perhaps we will soon see what you might call a “hardfork” of blockchain industry. When some currencies will simply become digital money, reminiscent of the usual fiat money of any country.
And part of the investors will use only real cryptocurrencies. Which maintain privacy and security.

Perhaps in the near future we will see new DEX platforms. Which will not follow general rules. And will stick to real cryptocurrency goals. Because cryptocurrencies were not created just to replace ordinary fiat money. Their purpose was security, anonymity, and decentralization. So that no country in world could control these funds. Who will win – regular traders or real cryptocurrency users. We will know in the next few years.