South Korean cryptocurrency exchange shuts up shop

A South Korean cryptocurrency exchange, Prixbit, has terminated its operations.
The move comes due to financial hurdles and a drop in consumer demands in the country.

Ken Chigbo Independent Analyst

Prixbit, a South Korean cryptocurrency exchange, has stopped all operations, following new financial regulatory concerns.

The South Korean regulated exchange platform as per its website has indicated that they will be ceasing its cryptocurrency trading activities in view of financial hurdles and investor concerns regarding their deposits.

It was reported that when the news broke, there was a reported large outflow of funds from the, as users withdrew their holdings.

The announcement comes after a report revealed some 97% of South Korean cryptocurrency exchange platforms, are battling against monetary crisis and low consumer demands.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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