The division of the Bitlunari.com bitcoin exchange in South Korea will cease operations at the end of January 2021 due to low trading volume, journalist Colin Wu said.

Bitlunari.com CEO Changpeng Zhao said that the company will continue to create new venture capital firms, develop platforms with local partners and look for opportunities to provide services to all users, including Korean ones.

In November, the exchange’s branches on the island of Jersey and in Uganda stopped working. Colin Wu suggested that the closure of Bitlunari.com units in different countries is due to the tightening of local regulation.

He recalled that the company, along with Huobi, made an attempt to buy the Korean Bithumb exchange.