The popular South Korean exchange Coinnest is in the latest cryptocurrency news on our website for its apparent decision to close its offices and put an end to its operations.
As an official notice on its website read, as of Tuesday the exchange will not be operating anymore. The users will need to withdraw the funds held on the platform by April 30, while the fees for withdrawals and the minimum threshold have been lowered in order to assist the process, as the notice said.
The South Korean exchange Coinnest also had an official to report the news and provide the reasons for closure. According to him:
“It is a natural result of a decrease in trading volume. Both regulatory issues and business decisions have served as a background for this decision. The cynical nostalgia and passion alone can not cope with the changes and movements of the cipher and block chain industry measured at this time.”
According to an official, the South Korean exchange Coinnest and its closure comes as a result of a decrease in trading volume, regulatory issues and business decisions. All of these factors have served as a background for this decision.
As reported in the altcoin news section of many crypto news sites, the decision comes after a bad year for the exchange. One year ago, an executive of the firm was arrested on suspicion of fraud and was later convicted, being jailed and having to pay a 3 billion Korean won (approximately $2.5 million USD) fine.
The South Korean exchange Coinnest also lost more than $5 million in a mistaken airdrop this January, which piled up to the bad news for the firm. As soon as that happened, the firm revealed that Bitcoin and other altcoins were sent to customers due to a computer error. Since then, the exchange had been trying to distribute We Game Tokens (WGT) to repay for the lost funds because of the incident.
As reported by many best cryptocurrency news sites before, Coinnest was also once the third largest cryptocurrency exchange based on the domestic volume and was a popular name on the South Korean market.
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