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.