South Korean cryptocurrency exchange, Coinnest has announced its imminent closure and has encouraged all its customers to withdraw their funds on or before 30th April, 2019.
The cryptocurrency exchange, once Korea’s third largest, made this announcement on Tuesday that it was no longer operating, effective 30th April, 2019, and that customers should make fast withdrawals of their deposited funds.
In order to help the withdrawal process, the exchange also included a reduced withdrawal fees and threshold in the announcement.
The reasons for closure given by the exchange are not particularly satisfying but an official of the exchange stated that:
“It is a natural result of a decrease in trading volume. Both regulatory issues and business decisions have served as a background for this decision.”
About a year ago, the exchange reported a case of fraud, in which an executive of the exchange was fined for 3 billion won ($2.5 million) and jailed.
Also, the exchange had computer error issues which sent cryptocurrencies into customers wallets in a mistaken airdrop in which the exchange lost $5 million in January.