South Korean cryptocurrency exchange Prixbit has notified users it has shut down, possibly due to larger factors affecting the country.

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South Korean Cryptocurrency Exchange Prixbit Closes - Bitcoin Magazine

South Korean Cryptocurrency Exchange Prixbit Closes

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Prixbit, a cryptocurrency exchange based in South Korea, has officially shut down. The closure was shared in a<a href="https://prixbit.com/#/wp"> note published</a> on its website.



The exchange assured users of a safe transition process for their funds, saying it would return deposits and holdings to customers who register for refunds.



As for specific reasons why the exchange is terminating its services, the note points to “negative internal and external influences.” However, a report from BusinessKorea<a href="http://www.businesskorea.co.kr/news/articleView.html?idxno=35025"> pointed</a> to more specific reasons.



“Prixbit, a cryptocurrency exchange which closed its operations as of Aug. 9, has failed to overcome its financial difficulties and suspended its cryptocurrency trading services,” according to the report. “Many investors criticized the shutdown of the exchange as they were worried about withdrawing their investments.”



Other significant factors may have been a larger issue with trading volumes in the country, where regulators are working to take <a href="https://bitcoinmagazine.com/articles/south-korea-will-take-a-direct-approach-to-crypto-exchange-regulations">a more direct approach</a> to cryptocurrency exchanges.



“A low transaction volume is another reason Korean blockchain startups avoid listing on domestic exchanges,” per BusinessKorea. “Only five or six South Korean exchanges rank among the top 100 in the world in terms of transaction volume. It is not exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions.”



On September 18, 2019, the Malta-based cryptocurrency exchange CGEX, which is operated by South Korea’s Coinone, <a href="https://bitcoinmagazine.com/articles/crypto-exchange-cgex-shut-september">will also shut down</a>.



Another potential stressor affecting cryptocurrency businesses in South Korea is rampant cyber attacks targeted at them by <a href="https://bitcoinmagazine.com/articles/un-investigating-north-koreas-crypto-crimes">North Korea</a>.

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Prixbit, a cryptocurrency exchange based in South Korea, has officially shut down. The closure was shared in a note published on its website. The exchange assured users of a safe transition process for their funds, saying it would return deposits and holdings to customers who register for refunds. As for specific reasons why the exchange is terminating its services, the note points to &ldquo;negative internal and external influences.&rdquo; However, a report from BusinessKorea pointed to more specific reasons. &ldquo;Prixbit, a cryptocurrency exchange which closed its operations as of Aug. 9, has failed to overcome its financial difficulties and suspended its cryptocurrency trading services,&rdquo; according to the report. &ldquo;Many investors criticized the shutdown of the exchange as they were worried about withdrawing their investments.&rdquo; Other significant factors may have been a larger issue with trading volumes in the country, where regulators are working to take a more direct approach to cryptocurrency exchanges. &ldquo;A low transaction volume is another reason Korean blockchain startups avoid listing on domestic exchanges,&rdquo; per BusinessKorea. &ldquo;Only five or six South Korean exchanges rank among the top 100 in the world in terms of transaction volume. It is not exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions.&rdquo; On September 18, 2019, the Malta-based cryptocurrency exchange CGEX, which is operated by South Korea&rsquo;s Coinone, will also shut down. Another potential stressor affecting cryptocurrency businesses in South Korea is rampant cyber attacks targeted at them by North Korea.

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CGEX, the Malta-based crypto exchange opened by South Korean Coinone, will shutter its services next month. The exchange posted a<a href="https://cgex.com/"> termination notice</a> late last week, saying that it would terminate all of its services on September 18, 2019.&nbsp;



<a href="https://bitcoinmagazine.com/tags/coinone">Coinone</a> 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.&nbsp;



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.&nbsp;



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.&nbsp;



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.

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Coinone&#039;s Malta-based exchange will completely close down after a temporary suspension earlier this year.

Crypto Exchange CGEX Will Shut Down in September

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.&nbsp; 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.&nbsp; For many, this shutdown has been a long time coming. Two months earlier, the exchange abruptly suspended trading activities. While this occurrence isn&rsquo;t entirely new, eyebrows were raised when it recommended that users should withdraw their holdings to avoid any potential losses.&nbsp; 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.&nbsp; Once it&rsquo;s done, customers won&rsquo;t be able to log in, and both withdrawals and deposits will be unavailable. The exchange&rsquo;s records will also be destroyed, although some will be retained due to legal requirements.

Coinone's Malta-based exchange will completely close down after a temporary suspension earlier this year.

Crypto Exchange CGEX Will Shut Down in September –

https://bitcoinmagazine.com/articles/crypto-exchange-cgex-shut-september

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As Part of Larger Trends, South Korean Exchange Prixbit Closes

Crypto Exchange CGEX Will Shut Down in September