<p>Coinbit, a South Korean cryptocurrency exchange operated by blockchain service provider AXIASOFT, has <a href="https://www.etoday.co.kr/news/view/2303519" rel="noopener noreferrer nofollow">suspended its services</a> according to an official announcement on its website posted on Thursday (local time). This development comes just over a year after it became a virtual asset service provider (VASP) on Sept. 1 last year. It is also the second crypto exchange in the country that has ended its operations after Cashierest on Nov. 6, indicating that troubled predictions previously projected by industry sources are becoming a reality.</p><h2 id="header-0">Business transition</h2><p>Coinbit explained that, despite its efforts to create an environment optimized for transparent crypto transactions, it was pushed by ongoing changes in regulatory policies to make changes to its business. It intends to shift its focus to establishing a securitized transaction system.</p><p>Membership registration and deposits will no longer be allowed starting at 5 p.m. next Friday. Transactions and withdrawal services will be suspended from 1 p.m. on Dec. 29. The exchange advised its users to withdraw their virtual assets accordingly.</p><p>Earlier, it was reported that Coinbit was facing difficulties maintaining smooth operations due to its exceedingly low trading volume. Industry sources believe that the realization of the previously speculated closure of coin market exchanges.</p><h2 id="header-1">More shutdowns to come?</h2><p>“Much of the workforce at crypto exchanges have been taking hits, leading to challenging business conditions,” stated an unnamed industry expert, proposing conjecture that more announcements of service suspensions may be imminent. According to a survey conducted earlier this year by the Financial Intelligence Unit (FIU), 10 out of 21 crypto exchanges reported zero revenue from transaction fees, and 18 were in a state of complete capital impairment.</p>

Coinbit suspends operations, marking second crypto exchange shutdown this month

Table of Contents

CoinNess Global

Other articles published on Nov 17, 2023

Innovation Thrives: Ten Swedish Startups Poised for Success in 2024

iGaming Crossroads Summit 2023: Just One Month Away!

Google Bard predicts Ethereum price for start of 2024

CFTC Commissioner Advocates For Transparent and Responsible AI

Love Hate Inu: Real Growth Potential or Social Media Buzz?

Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m

Join our free newsletter for daily crypto updates!