Coinone Announces Shut Down of Its CGEX Crypto Exchange

South Korea’s Coinone has decided to shut down its Malta-based crypto exchange CGEX next month after less than a year of operations.

The exchange posted on its official website that it will be terminating all services starting with September 18th, 2019 at 2:00 am UTC. After this date, users will not be able to log in and access any support services, and cryptocurrency deposit and withdrawal services. The company urges customers to withdraw all their crypto coins and tokens from the platform before the deadline.

The post also states that all personal information such as transaction data will be destroyed after the deadline after it will temporarily be stored in compliance with regulatory requirements.

“Your personal information (including transaction details) will be destroyed accordingly with the end of service. All assets held in your account can be withdrawn until the end of the service and further withdrawal will no longer be available after this date. We 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.”

Two months ago, Coinone announced it will temporarily be suspending CGEX on July 17, with the South Korean exchange declaring that it is preparing for the launch of  “a new trading platform.”

During its suspension, all active orders, trades, and deposit functionality had been suspended, with CGEX stating that “Access to the CGEX website may accompany minor errors after the temporary termination, and CGEX will not be held liable for any problems arising from this.”

The announcement at that time read that a new more advanced CGEX trading platform was planned to go live during the third quarter of 2019.

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