Hotbit Exits CEX Market As Trading Volume Fall
Hotbit, a cryptocurrency exchange with 5 million members based in Shanghai and Taipai, has announced the termination of all CEX activities beginning today, May 22. Users will have till June 21 at 4 p.m. UTC to remove all assets from the platform.
The judgement comes nine months after a criminal investigation into a former employee, which was one of the reasons Hotbit decided to shut down its centralised cryptocurrency exchange operation. Although the nature of the alleged crimes committed by the former boss was never clearly disclosed, other employees were subpoenaed and helped with the investigation, according to sources.
Hobit users have been instructed to withdraw all assets from the cryptocurrency exchange by Wednesday, June 21 at 4 p.m. UTC.
The platform will shutter all centralized exchange or CEX operations today May 22 by 4 PM UTC amid declining exchange trading activity and months after a criminal investigation into a former Hotbit manager.
(With inputs from Shikha Singh)
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