Hotbit Exits CEX Market Amid Declining Exchange Trading Volumes. Summary:.
23 May 2023, 08:00
Hotbit Exits CEX Market Amid Declining Exchange Trading Volumes
Summary:
Hobit users were told to withdraw all assets from the crypto exchange by Wednesday, June 21 before 4 PM UTC.The platform will shutter all centralized exchange or CEX operations today May 22 by 4 PM UTC amid declining exchange trading activity and months after a criminal investigation into a former Hotbit manager.Hotbit also cited stifled cash flow due to a U.S. banking crisis and the after-effects of FTX’s crash last November as reasons for its decisions.Amid declining crypto exchange trading volumes and on/off ramp difficulties, one CEX player is leaving the game for good.
Hotbit, a crypto exchange operating out of Shanghai and Taipai with 5 million users, announced the shutdown of all CEX operations starting today May 22. Users will have until 4 PM UTC on June 21 to withdraw all assets from the platform.