South Korea’s Coinnest exchange is shutting down

  • Coinnest starts the shutting down process expected to last until June 2019.
  • Withdrawal fees and minimum withdrawal limit have been lowered to aid the process.

One of South Korea’s cryptocurrency exchanges, Coinnest is in the middle of halting its services. This comes after an announced published on the exchange’s website on April 16 which stated that it will be shutting down its services citing challenges related to the changes in the crypto industry.

The company began the process of shutting down on April 16 starting with its membership services. The price is set to continue until June 30 after the completion of fund withdrawal services.

Coinnest said that it was lowering the withdrawal fees as well as reducing the cap on minimum withdrawals. Looking back in April 2018, two of its executives were reported for accepting bribes in order to allow listing of digital assets on the exchange platform. Besides, this January Coinnest posted a $5 million loss in Bitcoin following an airdrop that went wrong.

 

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