The CGEX cryptocurrency exchange based in Malta has just closed down less than a year after it was launched by South Korea’s Coinone in October in 2018.
Well, the exchange hasn’t closed down just yet but it only has a few weeks left until it ceases its operations for good.
After this, users will be unable to access their accounts. Deposits and withdrawals will also no longer be possible.
In the post, it stated:
“To prepare for a new paradigm change in cryptocurrency exchanges, CGEX is preparing a new trading platform… The New CGEX will be introduced during the third quarter of 2019.”
But unfortunately, it wasn’t enough to keep CGEX going.
“The number of South Korean companies listing their early-stage blockchain projects on foreign exchanges is steadily increasing, industry watchers said on Aug. 18. Medibloc and Temco, which have already listed their blockchain projects on South Korea’s major exchanges are seeking to list their projects listed again on overseas exchanges, including those in the United States and Singapore.”
These low transaction volumes are behind the firm’s decisions to avoid listing on domestic exchanges.