Coinone’s Malta Crypto Exchange CGEX To Shut Down on September 18th
A Coinone initiative called GCEX is set to shut down its activities next month. The exchange, which was a subsidiary of Coinone that was based on Crypto Island, Malta, will cease operations soon. The announcement was made last week.
After September 18, clients will not be able to deposit or withdrawal assets anymore, so they were warned to do it as soon as possible. All remaining assets will be lost after that.
It was also reported that all the records that the company held will be completely destroyed in order to ensure the safety of the clients. The only records which will continue to exist will be the ones which were given to law enforcement at some point.
The End of GCEX
At the time of the launch, it was widely reported by the local media that the branch was created because Coinone was having issues with the regulators in South Korea. The expansion was not something that Coinone was doing alone. Bithumb and Upbit, the other big companies of the country, also followed this trend.
According to reports, the exchange was not having its best time before shutting down. Back in July 17, the services of the platform were suspended. All trading was halted and deposits were no longer possible. At the time, the company affirmed that the withdrawal services were still working and claimed that the suspension was only temporary. Now, we can see that it wasn’t.
This exchange opened on October 28, 2018, and it was not as successful as Coinone expected. In less than a year, it is resuming its services, meaning that the South Korean company’s crypto to crypto operations have failed to get the expected results.