• Days
  • Hours
  • Mins
  • Secs
  • Wed, 18 Sep 2019, 07:18 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Korean crypto exchange Prixbit shuts down over financial crisis

Thu, 22 Aug 2019, 03:33 am UTC

South Korean cryptocurrency exchange Prixbit revealed that it will be shutting down its digital doors.

Due to negative internal and external influences, management difficulties could not be overcome and normal operation became impossible,” an announcement posted on its website stated.

According to the notice, the exchange tackled with serious issues such as hacking, money laundering, and voice phishing. However, it still had to close its business now.

Prixbit assured its clients that they will receive all their deposits and asked them to provide customer details that are needed to process the refund.

It revealed that most of the refunds of the exchange’s native tokens, PRX and GRX, have already been completed. The exchange is encouraging those who still have tokens on deposit to register for a refund as soon as possible.

According to Business Korea, Prixbit’s failure is related to “financial difficulties” and investors’ concerns about their holdings. Except for four major cryptocurrency exchanges in the country, others do not have access to the banking ecosystem, making it hard for them to provide fiat-based services.

In fact, an estimated 97% of domestic cryptocurrency exchanges in the country are on the verge of bankruptcy because of low transaction volumes. As a result, most South Korean startups are reportedly starting to put their chances at stake abroad, with many listing their cryptocurrencies on overseas exchanges including the United States and Singapore.

There are also several tough local crypto exchange market conditions that are contributing to the efforts of listing overseas, including the fact that investors cannot make or withdraw deposits in the Korean won at Korean exchanges. In addition, about 200 smaller exchanges cannot open real-name virtual accounts, preventing crypto holders from benefiting investor protection.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,254.50 (+0.02%)
  • Ethereum (ETH) $214.64 (+7.94%)
  • XRP (XRP) $0.307100 (+16.57%)
  • Bitcoin Cash (BCH) $326.39 (+5.70%)
  • Litecoin (LTC) $76.02 (+4.05%)
  • Bitcoin (BTC) $10,254.50 (+0.02%)
Sep 18, 2019 (Wednesday)
04:56
Crypto exchange Binance.US to not launch in 13 U.S. states
04:29
VanEck, SolidX pull out bitcoin ETF proposal from SEC
04:19
Crypto Technicals: XRP/USD cools slightly from 6-week highs at 0.3129, finds stiff resistance at 21W EMA (0.3186)
04:19
AssetBlock launches new property trading platform tokenizing $60M of real estate on Algorand's blockchain
03:42
'Big Four' auditing firm Deloitte lets employees pay canteen food in bitcoin in a trial run
03:37
Former CFTC chairman 'crypto dad' J. Christopher Giancarlo joins Chamber of Digital Commerce's advisory board
03:32
Coinbase Vice President Dorothy DeWitt to lead CFTC market oversight
03:29
Japan's LINE launches crypto exchange platform Bitmax
03:19
Crypto Technicals: ETH/USD breaks above 200-DMA, hits 5-week high at 215.00
Sep 17, 2019 (Tuesday)
14:34
Wells Fargo to pilot internal blockchain-based digital currency for payments
12:57
Marsh, Arch Insurance (UK) Limited launch insurance solution for digital assets ‘Blue Vault’
12:18
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:17
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:45
Crypto exchange Binance backs Chinese crypto news portal Mars Finance
10:55
Crypto Technicals: XMR/USD rejected at 200-DMA, scope for resumption of weakness
10:18
Hedera Hashgraph blockchain goes live with 26 dapps
08:38
Crypto Technicals: Ethereum pauses shy of $200 mark, set to extend bullish momentum
07:38
Harbor tokenizes iCap Equity’s $100M real estate funds using ethereum blockchain
06:48
Crypto Technicals: BCH/USD fails to extends weakness below 200-DMA, retrace above will see upside resumption
06:02
Women in Leadership: Publicis Sapient hires Merril Lynch veteran Priya Bajoria as SVP Financial Services
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft