• Sat, 21 Sep 2019, 11:48 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) $10,049.70 (-1.33%)
  • Ethereum (ETH) $215.37 (-1.09%)
  • XRP (XRP) $0.290100 (-1.11%)
  • Bitcoin Cash (BCH) $311.29 (-2.23%)
  • Litecoin (LTC) $73.51 (-2.81%)
  • Bitcoin (BTC) $10,049.70 (-1.33%)
Sep 20, 2019 (Friday)
14:09
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
14:08
Crypto Technicals: LTC/USD Technical Analysis Summary
12:44
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:57
Azerbaijan's State Customs Committee seeks to exchange information with global counterparts via blockchain
10:17
Coinbase considers listing 17 new digital assets including Kadena and Telegram
10:08
Crypto Technicals: ETH/USD consolidates previous session's gains, bias bullish above 200-DMA
09:56
US Congress’ upcoming hearing with SEC to focus on cryptocurrencies and Libra
08:41
Crypto Technicals: BTC/USD retraces from 3-week lows, resumes range trade, bias neutral
07:01
Square Crypto taps former Google, Facebook and Lightning Labs execs for inaugural developer team
06:22
Crypto Technicals: XTZ/USD struggles at 200-DMA resistance (1.1209), break above to see further gains
06:22
Bank of America joins blockchain-based trade finance network Marco Polo
05:25
Patrick Byrne sells off his $100M Overstock stake to buy cryptocurrencies, blames 'deep state' and SEC
05:14
Early ethereum supporter Steven Nerayoff faces $12M cryptocurrency extortion charges
05:09
Crypto trader Genesis acquires Qu Capital to bolster trading technology
04:30
Crypto Technicals: IOT/USD Technical Analysis Summary
03:43
Pakistan's Faysal Bank becomes the country's first bank to adopt Ripple's xCurrent technology
03:40
All 7-Eleven stores in the Philippines now sell bitcoin, thanks to the new partnership of Abra, ECPay
03:37
Arab Bank Switzerland partners with Taurus to offer cryptocurrency services to its wealthy clients
03:34
IBM, Citibank, Ubisoft signed up as corporate partners of Singapore's blockchain accelerator Tribe
Sep 19, 2019 (Thursday)
12:27
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft