Malta-based subsidiary of Coinone, CGEX, to shut all crypto trading services

  • Users are requested to withdraw their funds as the firm will not be retaining customer information later.
  • Despite early assurances, the services have been terminated permanently.

The Malta-based subsidiary of Coinone, CGEX, will be putting an end to its crypto trading services soon. The reasons, however, have not been specified. According to a notice on the company's website, the services offered by the exchange will be terminated on September 18 at 2 am (UTC).
"Unfortunately, due to our circumstances, we decided that we could no longer maintain service, so we are terminating the service,” the exchange noted. The exchange requested the users to withdraw their stored funds on the exchange as it will not be retaining customer data after the termination of services. 

The announcement added:
"Your personal information (including transaction details) will be destroyed accordingly with the end of service. All assets held in your account can be withdrawn until the end of the service and further withdrawal will no longer be available after this date. We further inform you that personal information with obligatory preservation clauses will be safely stored until destroyed at the end of the obligated period as outlined by the Act.”
CGEX was offering crypto-to-crypto trading services earlier. It had also merged Coinone's operations in Indonesia and South Korea. CGEX announced the termination two months after the suspension of crypto trading services on the platform. The exchange then suspended services including deposits, canceled active orders, and also disabled APIs. Despite the company's assurance that the suspension was temporary and that it would re-launch the services later this year, it is now shutting down completely.  

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