The members of K-Pop group iKON is leaving YG Entertainment.

The agency issued a statement about the departure of the members on Friday, December 30.

In a report by Naver as translated by Soompi, YG said: "We are informing you that after a long discussion with the iKON members (Kim Jinhwan, Bobby, Song Yunhyeong, Goo Junhoe, Kim Donghyuk, and Jung Chanwoo) about their future activities, out of respect for each other’s opinions, we agreed to end our exclusive contract following the expiration of their contract period."

According to the agency, the members of the group will still continue their activities as the group iKON moving forward.

"We are also letting you know that they will continue to communicate with iKONIC [iKON’s fans] through their official social media accounts, including their official fan community Weverse, just as they are now," the agency stated.

YG expressed their gratitude to iKON for being part of their agency.

"We sincerely thank iKON, who has been with us as one of our agency’s artists up until now. We are looking forward to their future activities in a wide variety of fields, and we will be cheering them on," the statement said.

The agency also extended its thanks to the fans of the group saying, "Additionally, we also thank the iKONIC who were together with us for iKON’s journey. We ask that you continue to give the members your unchanging interest and encouragement as they prepare for a new start."

iKON was formed in 2015 by YG Entertainment. The members of the group were chosen from the survival show Mix & Match. 

They released their fist studio album in 2015 called Welcome Back. It produced numerous top hits including "My Type", "Apology" and "Dumb & Dumber."

They released an EP in May this year which achieved their highest one day and one week sales record.