CGEX, the Malta-based crypto exchange opened by South Korean Coinone, will shutter its services next month. The exchange posted a termination notice late last week, saying that it would terminate all of its services on September 18, 2019.
Coinone established CGEX in October 2018, as a crypto-to-crypto exchange that connects and shares the order book with its Indonesian and South Korean platforms.
For many, this shutdown has been a long time coming. Two months earlier, the exchange abruptly suspended trading activities. While this occurrence isn’t entirely new, eyebrows were raised when it recommended that users should withdraw their holdings to avoid any potential losses.
The previous suspension was temporary, but this new announcement seems to be the end of CGEX. The exchange has warned its customers to get their affairs in order before the closure.
Once it’s done, customers won’t be able to log in, and both withdrawals and deposits will be unavailable. The exchange’s records will also be destroyed, although some will be retained due to legal requirements.
Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.