Hotbit Ceases CEX Operations, Urges Users to Withdraw Assets by June 21

After 5 years and 4 months of operation Hotbit, a prominent cryptocurrency exchange, has announced the discontinuation of all centralized exchange (CEX) operations effective from May 22 with a withdrawal deadline of June 21, UTC 04:00 . The Hotbit team which takes pride in its participation in the crypto show with 5 million users expressed regret over this decision and urged users to withdraw their remaining assets within the specified timeframe .

Hotbit Cites Operating Conditions and Industry Trends as Reasons for Decision

The decision to halt CEX operations was based on three key factors . Firstly the Hotbit management team faced challenges due to the investigation in August 2022 which resulted in a suspension of operations for several weeks . Subsequently the industry witnessed a series of crises including the collapse of FTX and bank-related incidents affecting USDC leading to continuous outflows of funds from CEX users including Hotbit . These factors contributed to deteriorating cash flow and operating conditions for the exchange .

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