CoinBit Cryptocurrency Exchange in South Korea Undergoes Unforeseen Technical Issues

According to the company's website, Coinbit, one of the coin exchanges active within South Korea, has undergone ‘Intermittent problems' with its service.

Those visiting the exchange's website will encounter the error message, advising users that the site is undergoing maintenance, but is still accessible for daily users.

“We are sorry for the inconvenience you have encountered due to intermittent problems caused by opening the service today.  At present, CoinBit is working hard to find any problems that occur and to handle them promptly.”

The technical difficulties add insult to injury as the company only launched yesterday for its user base. With the company's coin exchange system announcing its grand opening yesterday, boasting a trading list over 50 coins.

These coins will consist of the following in its first wave:

Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), but also several prominent tokens, such as Ardor (ARDR), NXT (NXT), Ripple (XRP), Ethereum (ETH) and Ethereum Classic (ETC).

🎉COINBIT GRAND OPEN!🎉

Our exchange finally opens on May 11.
Customers will be able to use the platform
and service starting tomorrow.

Don't forget to enjoy the ZERO FEE promotion
for the first month. ☺

👉https://t.co/9veMhcYx7r#coinbit #cryptocurrency #event pic.twitter.com/tGJiOjK7pI

— Coinbit Global (@CoinbitGlobal) May 10, 2018

Coin trading has been slow to the start for the South Korean market, but Coinbit is looking to up the pace, offering users 0% commission on the first month of trading. But with errors happening on the first day, it's not a good start for them.

Today hasn't been such a good day for some coin exchanges. With one of the largest coin exchanges in operation in South Korea, UpBit, subject to a raid by legal authorities today, forcing an unexpected closure for its active users.