TechFlow News — Cryptocurrency exchange Hotbit announced it will cease all CEX operations starting May 22 at 12:00 PM Beijing time, and requires all users to withdraw their remaining assets by June 21 at 12:00 PM Beijing time.
Hotbit stated the decision is based on three reasons:
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Deteriorating business conditions, with user funds continuously flowing out from Hotbit and other CEXs;
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Shifts in the cryptocurrency industry landscape—Hotbit's team believes centralized exchanges (CEX) are becoming increasingly cumbersome, with highly complex and interdependent operations that are unlikely to align with long-term trends, whether in terms of compliance or decentralization;
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Hotbit has suffered multiple cyberattacks and exploitation of project vulnerabilities by malicious users, resulting in significant losses.
