Another One ‘Bits' the Dust as Coinnest Crypto Exchange Shuts Down Services in South Korea

    Coinnest Shuts Down Services in South Korea

    Even though there have been signs that the market has been improving over the recent bear market, not everyone has managed to survive through this time. Unfortunately, one of the companies to succumb to the damaging effects of bearish trends is Coinnest, a cryptocurrency exchange located in South Korea. According to a pop-up announcement on the official website, the company has been forced to terminate its services, as of April 16th.

    Loosely translated, the announcement explains that Coinnest ultimately had to close down their operation as a result of the changes happening in both the cryptocurrency and the blockchain industry. The process began on April 16th, starting with membership services. The entirety of shutting down the operation of the exchange is meant to be completed on June 30th, and the company expects that the withdrawals of all funds should be done at that time. To ease the process for consumers, Coinnest has decided to lower the fees for withdrawal and to lower the limits for withdrawal sums.

    Two executives of Coinnest were accused of accepting bribes in April last year, trading the bribes for the listing of assets. Also, in January this year, the company ended up losing $5 million of its funding in both Bitcoin and other cryptocurrencies when it mistakenly held an airdrop.

    In the last 24 hours, CoinMarketCap reports that the exchange has only seen $24,558 in trading, with the top coins traded being Tron (TRX), Cardano (ADA), and BTC. All of these coins have trading pairs with the Korean Won.

    Like Coinnest, the Liqui crypto exchange, which is located in Ukraine, was forced to shut down as well, since they don’t have the liquidity.

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    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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