Malta-based crypto exchange CGEX to shut down after less than a year of operation

Coinone Global Exchange (CGEX), a cryptocurrency exchange launched by major South Korean exchange Coinone in Malta, will shut down its services next month.

As per its official announcement, the company, which was launched last October 2018, will terminate its services on September 18 at 2:00 a.m. (UTC).

CGEX posted the termination notice on the main page of its website and explained that it can no longer maintain its service.

It further advised their clients to withdraw all their assets on user accounts before the closing date, as further withdrawals will no longer be available after. In addition, it will destroy all personal data including transaction details with the end of service.

“We will further inform you that personal information with obligatory preservation clauses will be safely stored until destroyed at the end of the obligated period as outlined by the Act,” the notice stated.

In conclusion, CGEX expressed its apologies and gratitude to all its clients.

The final decision follows after CGEX announced last June 17 that they would temporarily terminate its trading and deposit services beginning July 17. The company said the initiative was to give way to a “new paradigm change in cryptocurrency exchanges” and launch a new trading platform. At the time, the firm said it will reveal the new CGEX in the third quarter this year.

Meanwhile, CGEX’ parent company Coinone has recently tapped cybersecurity audit firm CertiK and disclosures firm Xangle to provide “smart contract audit information” and “public disclosure information,” respectively, for cryptocurrencies listed on Coinone.

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