Controversial Coinnest Announces Closure

Controversial Coinnest Announces Closure

According to their website, South-Korean crypto exchange platform Coinnest will be closing their doors for good in June.

The post also explained that the process had already begun, with a gradual shuttering of their services. Already they have removed the option for new memberships to be created. This will then be followed by an ending of all trading on May 30th.  The final step will be taken at the end of June when withdrawal services will end. From now on in, users will be able to withdraw their funds at a discounted rate, with lower minimal withdrawals on offer.

The exchange has urged users to remove their funds as hastily as possible, with the post stating quite simply, “Please be sure to withdraw your assets before the withdrawal date. It is difficult to withdraw after withdrawal.” Since the announcement only around $23,000 worth of trades have occurred on the platform.

It is believed the reasons have come from their inability to keep up with the ever growing and expanding blockchain industry. However, there have also been a series of high-profile issues at the exchange which may also have been a factor in its closure.

This time last year, two executives at the exchange were accused of accepting bribes. Then, back in January, they lost 5million in BTC and other cryptocurrencies after an airdrop went wrong.

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