Business

Steve Kaaru

CoinOne’s Malta crypto exchange CGEX shutting down

CGEX cryptocurrency has announced that it will be shutting down in September. The Malta-based exchange made the announcement via a blog post last week, stating that the official end of service date will be on September 18.

After it shuts down, the users will no longer be able to log in or withdraw and deposit on the platform. The personal information held by the exchange will be destroyed accordingly, the notice revealed.

The exchange added, “All assets held in your account can be withdrawn until the end of the service and further withdrawal will no longer be available after this date. We further inform you that personal information with obligatory preservation clauses will be safely stored until destroyed at the end of the obligated period as outlined by the Act.”

The exchange concluded by thanking all its users for their support.

CGEX was established by South Korean exchange CoinOne on October 28, 2018. It offered its users a crypto-to-crypto trading platform. CoinOne had integrated CGEX to its bigger platform in South Korea and Indonesia to offer liquidity to its clients.

The shutdown notice comes just a month after the exchange announced a temporary termination of trading services. The exchange attributed the temporary shutdown to its bid to “prepare for a new paradigm change in cryptocurrency exchanges.” CGEX further promised to introduce the new platform during the third quarter of 2019.

The shutdown comes amid upheavals in the South Korean crypto market. The country’s industry regulator has ordered the exchanges to update their terms of service. Under the new regime, the exchanges have to take responsibility for the liability related to potential hacks and service issues.

Crypto exchanges in the country have been the continuous victims of hacks, with Bithumb being the most prominent victim. The exchange has been attacked twice in the past year, losing over $50 million to cyber criminals.

Coinone announced its new listing criteria last week, laying out all the requirements for any project that seeks to be listed on its platform. The exchange also laid out the terms of delisting, which include legal issues such as market manipulation, team issues such as bankruptcy and insufficient trading volume.

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