Crypto Exchange Hotbit is Shutting Down After Five Years of Service

Shanghai-based cryptocurrency exchange has announced the suspension of its operations, citing a range of issues and expressing doubts about the long-term viability of centralized exchanges.

In a statement released on the company’s website, Hotbit disclosed that it would cease its operations in the early hours of May 22. It urged its users to withdraw their remaining assets by June 21 at 4 am UTC.

It’s time to take a bow 🙇
For 5 years and 4 months, the Hotbit team has been proud to participate in a wonderful crypto show with 5 million users. However, it is with great regret that we have made the decision to stop all CEX operations from May 22, UTC 04:00. We kindly ask all users to withdraw their remaining assets before June 21, UTC 04:00. Twitter @Hotbit_news

The exchange, boasting a user base of 5 million individuals, attributed its decision to deteriorating operating conditions, aggravated by a compelled suspension that lasted for several weeks in August of the previous year. This suspension occurred following an investigation involving a former employee.

Hotbit also highlighted the evolving landscape of the cryptocurrency industry as a contributing factor to its uncertain future. The collapse of FTX and other significant crypto institutions has presented the industry with a pivotal choice between increased regulation or a shift toward greater decentralization, according to the company’s statement.

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