Coinone’s Malta-based Crypto Exchange Announces Closure

Asia Blockchain Review
August 25, 2019

CGEX, a crypto exchange opened in October 2018 in Malta, has revealed that it will be ceasing its operations. CGEX was founded by Coinone, one of the top three crypto exchanges in South Korea.

CGEX’s Journey in Malta

According to a report by CoinDesk, CGEX posted an announcement revealing that it will stop all services on September 18th, 2019, after which traders will not be able to access CGEX’s platform or make deposits or withdrawals. Moreover, the firm announced that all customer records will be destroyed, barring those that must be kept according to the law.

Prior to this announcement, CGEX had temporarily suspended its services in July, when trading was stopped and customers were not able to make deposits. The firm also canceled active orders and disabled API keys. However, CGEX still allowed customers to make withdrawals while stating that the exchange is set to be re-opened later in 2019.

Last year, CGEX introduced its services in Malta on October 28th, providing solely crypto-to-crypto trading. One key feature was that CGEX integrated its services with Coinone’s operations in South Korea as well as in Indonesia.

South Korean Exchanges Expand Overseas under Gov’t Pressure

Coinone’s expansion overseas was depicted by South Korean media as the result of regulatory pressure from the Korean government on cryptocurrencies and exchanges. 

Other exchanges based in the country have sought to expand their businesses internationally. Notable examples include Upbit’s Singapore branch and the Bithumb DEX established in Hong Kong.

Meanwhile, Coinone has been announcing several initiatives to enhance its security, such as engaging CertiK to perform a security validation for the firm.

Source: https://www.coindesk.com


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