As Part of Larger Trends, South Korean Exchange Prixbit Closes

2019-9-6 21:11

Prixbit, a cryptocurrency exchange based in South Korea, has officially shut down. The closure was shared in a note published on its website.

The exchange assured users of a safe transition process for their funds, saying it would return deposits and holdings to customers who register for refunds.

As for specific reasons why the exchange is terminating its services, the note points to “negative internal and external influences.” However, a report from BusinessKorea pointed to more specific reasons.

“Prixbit, a cryptocurrency exchange which closed its operations as of Aug. 9, has failed to overcome its financial difficulties and suspended its cryptocurrency trading services,” according to the report. “Many investors criticized the shutdown of the exchange as they were worried about withdrawing their investments.”

Other significant factors may have been a larger issue with trading volumes in the country, where regulators are working to take a more direct approach to cryptocurrency exchanges.

“A low transaction volume is another reason Korean blockchain startups avoid listing on domestic exchanges,” per BusinessKorea. “Only five or six South Korean exchanges rank among the top 100 in the world in terms of transaction volume. It is not exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions.”

On September 18, 2019, the Malta-based cryptocurrency exchange CGEX, which is operated by South Korea’s Coinone, will also shut down.

Another potential stressor affecting cryptocurrency businesses in South Korea is rampant cyber attacks targeted at them by North Korea.

The post As Part of Larger Trends, South Korean Exchange Prixbit Closes appeared first on Bitcoin Magazine.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

North Korean Won (KPW) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 KPW

korean exchange south larger prixbit closes part

korean exchange → Результатов: 126


Фото:

South Korea: Trading Volume Soars as Bithumb Reopens to New Customers

Major South Korean cryptocurrency exchange Bithumb has announced it will resume accepting new user accounts after resolving a dispute with its banking partner. Month-Long Impasse Ends As local news media outlet Yonhap reports August 29, Bithumb has come to an agreement with Nonghyup Bank, which in July stopped serving it, reportedly due to the exchange’s recent hack in which it lost over $30 million.

2018-8-29 16:00


Фото:

North Korean Hackers Infiltrate Unnamed Crypto Exchange in First-Ever MacOS Hack

North Korea’s notorious cyber-hacking outfit, “Lazarus Group,” has reportedly deployed a MacOS-based malware to infiltrate cryptocurrency exchanges and applications, according to Kaspersky Labs. North Korean Attackers Strike To date, Lazarus remains an unknown entity, with no information on the number of individuals identifying with the outfit.

2018-8-25 07:00


UPbit Exchange Clears $100 Million in Q3 Despite Crypto Bear Market Conditions

Korean Crypto Exchange UPbit Profits in Bear Market UPbit, a South Korean crypto exchange, profited in a bear market by $100 million. The Repository of Korea’s Corporate Filings (DART) released data indicating that in addition to UPbit’s profits, Bithumb, the country’s second-largest trading platform, also made a profit of $35 Million. The third quarter has […]

2018-8-24 21:28


Фото:

Some Cryptos Trading 500% Higher on Bithumb, Market Manipulation Woes

Bithumb traders have recently experienced an abnormal surge in the price of some crypto, with tokens like Ethos trading six times over its average value only on the South Korean exchange. Many traders began to attribute these ludicrous prices to the Kimchi Premium, which local cryptocurrency traders have grown accustomed to over the most recent months.

2018-7-30 08:04


Фото:

Binance’s South Korea Expansion Plan: Exchange Doesn’t Deny but Plays Down Hype

Crypto traders in South Korea could soon have direct access to Binance’s trading platform. According to a speculative report circulating in the Korean media, the largest cryptocurrency exchange in the world (by trading volume) is preparing to tap in on South Korea’s booming digital asset market by setting up a regional office in the country.

2018-7-26 17:28