CGEX, the Malta-based crypto exchange established by South Korean Coinone, will halt its operations in September. The exchange published a termination notice last week, stating that it would shut down all of its services on September 18.
Coinone launched CGEX in October last year, as a crypto-to-crypto exchange that links and shares the order book with its Indonesian and South Korean platforms.
For many, this termination has been a long time coming. Two months prior, the exchange suddenly suspended trading services. While this event isn’t totally new, eyebrows were raised when it suggested that clients should pull back their holdings to avoid any possible losses.
The earlier suspension was brief, but this new announcement appears to be the conclusion of CGEX. The exchange has cautioned its clients to get their undertakings in order before the termination.
Once it’s done, clients won’t be able to log in, and both withdrawals and deposits will be inaccessible. The exchange’s records will also be destroyed, although a few will be held due to legal prerequisites.