Huobi Korea seeks to split from parent company, change its name: Report

Chairman Cho Kook-bong will also take over a majority of shares previously held by co-founder Leon Li.

Local media reported Jan. 9 that cryptocurrency exchange Huobi Korea is preparing to purchase its shares from Huobi Global and change its name. About 72% of shares in Huobi Korea are owned by Huobi Global cofounder Leon Li. Huobi Korean chairman Cho Kook-bong would take over Li’s share in the Korean company. Cho is also the owner of a major crypto mining operation in the country, according to local outlet News1.

Huobi has experienced a number of issues in recent days. It reportedly planned laid off 20% of its workforce Jan. 6, after a $6 million outflow that week.