South Korean cryptocurrency exchange Coinnest has closed shop

  • Coinnest, South Korean cryptocurrency exchange is closing down, as the company has struggled to cope within the market conditions.
  • All is set to culminate by June 230, once all withdrawals of client funds have been executed.

Coinnest, a South Korean crypto exchange has begun the termination process of its services this week, according to an official announcement on the platform’s website. The action comes after the exchange details that they have not been able to deal with the changes in the cryptocurrency sector.

The closing process for the platform began earlier this week on Tuesday, April 16, firstly closing down the membership services, all is set to culminate by June 30, when withdrawals of all funds will have been terminated.

Coinnest has taken the action of lowering their withdrawal fees and the minimum withdrawal sums to help customers with the process.

It is worth noting, back in April 2018, two of the exchange’s executives were been accused of accepting bribes in exchange for listing crypto assets on the platform. Elsewhere, Coinnest reportedly lost $5 million in Bitcoin (BTC) and other cryptocurrencies after making a mistaken airdrop this January.

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