Huobi Korea, the South Korean exchange that started out as the Korean arm of global exchange HTX, is set to close services on Jan. 29, it said in an announcement dated last Friday.

The company cited a difficult “business environment” as the reason for its closure. Users will be able to withdraw funds on the exchange even after the shutdown, the announcement noted.

“Considering the current business environment, the company is inevitably ending the virtual asset exchange service,” the exchange said in the statement.

Established in 2017, Huobi Korea cut ties with HTX — formerly known as Huobi Global — in January 2023.

The shutdown of Huobi Korea follows the closure announcements of other smaller South Korean exchanges, Cashierest and Coinbit, in November. Another platform CoreDAX …