In line with an official ‘announcement‘ published, renowned South Korea based cryptocurrency exchange named ‘Coinnest’ has starting terminating its operations as from 16th April.
The announcement adds that Coinnest has opted for this decision to shut down its operations as the exchange is struggled to address changes within the cryptocurrency and blockchain ecosystem.
The process of shutting platform services began earlier on 16th April, starting with membership services, and is set to culminate by 30th June, once withdrawals of all funds will have been terminated.
Coinnest additionally stated that it has lessened its withdrawal fees as well as the minimum withdrawal sums to assist customers with the process.
Earlier in April last year, two Coinnest executives had been ‘suspected‘ of the case of bribery within the exchange for listing cryptocurrency assets on the platform. The platform conjointly reportedly losses of around $5 Mln in Bitcoin [BTC] along with other cryptocurrencies after making a mistaken ‘air-drop‘ earlier this January.
Coinnest has seen about $27,558 in trades over the past 24 hours to the reporting time, in line with ‘CoinMarketCap‘. Tron [TRX], Cardano [ADA] and Bitcoin [BTC] accounted for the major 3 traded coins on the platform, all listed in trading pairs with the Korean won.
As ‘reported‘ earlier in January, Ukraine-based cryptocurrency exchange named ‘Liqui’ also opted to stop its operation, citing a scarcity of liquidity.