Tag: Exchange

It’s Now Too Difficult To Run a Centralized Crypto Exchange, Says Hotbit As It Shuts Down

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Hong Kong-based cryptocurrency trading platform Hotbit announced today that it will stop all operations on May 22, 2023. In a new announcement, Hotbit, which had 5 million users, cites deteriorating operating conditions, crypto industry changes, and risk management concerns as their motives for shutting down. “This decision is based on three reasons: Firstly, the deterioration of the operating conditions. After the Hotbit management team was forced to suspend operations for several weeks due to the investigation in August 2022, the industry has experienced a series of crises, including the collapse of…

Prominent Crypto Exchange Hotbit Suspends Operations Amid Shifting Market Trends

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Hotbit, a prominent centralized cryptocurrency exchange (CEX), has announced that it will be suspending its business operations. The decision revealed on May 22, 2023, comes after five years of service. The crypto exchange cited several factors that led to this decision, including the shifting trends in the crypto market, the detachment of stablecoins from their $1 benchmarks, and the deteriorating operating conditions. Established in 2018, Hotbit swiftly gained popularity and became one of the leading exchanges in the industry. It offered users various options for trading digital assets, including meme…

Crypto Exchange Hotbit Suspends Operations after Five Years of Service

After five years of service, Hotbit joins Paxful and Bit4You to exit the crypto market. Hotbit, a centralized cryptocurrency exchange (CEX), has suspended its business operations. The company announced the decision on May 22, 2023, citing several factors including the change in crypto market trends, the depegging of stablecoins from their $1 benchmarks, and the deterioration of operating conditions. Hotbit was founded in 2018 and quickly became one of the most popular exchanges in the industry. The firm offers users various options to trade digital assets, including meme tokens such…

Crypto Trading Platform Hotbit Terminates Centralized Exchange Operations

The crypto industry will pivot increasingly toward more decentralized business models in response to the sterner regulatory oversight of centralized firms following FTX’s collapse, according to Hotbit. Decentralized businesses should in theory be able to avoid the risk of there being a single point of failure, as occurred with FTX. Source CentralizedCryptoExchangeHotbitOperationsPlatformTerminatesTrading CryptoX Portal

Hotbit exchange halts operations, urges users to withdraw funds

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In an announcement, the exchange said that its operating conditions have deteriorated since a former member of its team was subjected to an investigation back in August 2022. According to the exchange, the probe forced them to stop their business for weeks. In addition, Hotbit also cited various incidents within the crypto space as contributors to its decline. The exchange cited the FTX exchange collapse and the banking crises that caused the USD Coin (USDC) depegging incident as reasons for its deteriorating cash flow. Hotbit said that the incidents resulted…

Blockchain Plans Scrapped By Australian Stock Exchange

Blockchain technology has been sidelined by the Australian Securities Exchange (ASX), a prominent entity in the nation’s financial domain, as it departs from its original intentions of utilizing blockchain to reconstruct its software platform. This unexpected move signifies a momentous shift in the perception of a once-celebrated concept that rose to prominence alongside the growing popularity of cryptocurrencies. The decision to abandon blockchain rebuild marks a significant turning point, highlighting the challenges and limitations that have become apparent during its implementation journey. Blockchain Ditched: ASX Explores New Paths For Software…

American Crypto Exchange to Roll Out Subscription Service in 35 Countries

By launching the subscription service, Coinbase is seeking to expand its global reach. American crypto exchange Coinbase is bracing up to roll out its subscription service – Coinbase One. According to a Thursday announcement, the zero trading fee subscription service will start out in Germany, Ireland, and the United Kingdom. However, there are plans to extend the rollout to at least 32 other countries within the shortest time possible. A company statement reads: “Coinbase One is rolling out to full availability in the coming months, and we plan to expand…

Australian stock exchange officially abandons blockchain plans: Report

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Australia’s stock market operator has decided to abandon its plans of rebuilding its software platform using blockchain technology, marking a significant rejection of the once-celebrated concept that gained prominence through its association with cryptocurrencies. The Australian Securities Exchange (ASX) caused frustration among market participants in November when it decided to “pause” the rebuild of its comprehensive trading, settlement and clearing software based on decentralized computing. An external review concluded that after seven years of development, significant rework was necessary. Following the initial pause, the company has indicated that it is…