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Crypto Exchange by Coinone to Shutdown

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CGEX, a Malta-based exchange opened by South Korea’s Coinone less than a year ago, is shutting its door. The exchange posted a termination notice, saying that it would terminate all of its services on the 18th September, 2019. After the shutdown, all records would be destroyed, other than those that have to be retained by law.

The previous suspension two months prior was temporary, but this new announcement signifies the end of CGEX. The exchange advised its customers to get their affairs in order before the closure.

Crypto-to-Crypto

GCEX opened on Oct. 28, 2018. The Malta-based exchange was to offer only crypto-to-crypto trading, but it would be integrating with Coinone’s operations in South Korea as well as those in Indonesia, where Coinone started an operation earlier in 2018.

The local press at the time said that the overseas expansion by Coinone was related to the government’s crackdown on crypto and its regulation of exchanges. Other South Korean exchanges also established presences overseas, with Bithumb opening Bithumb DEX in Hong Kong and Upbit expanding in Singapore.

Coinone is the third largest exchange in South Korea and the 84th in the world by reported volume, according to data from CoinMarketCap.

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