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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
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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
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Crypto exchange Hotbit announced that it would be halting operations as of May 22. The exchange asked its users to withdraw funds before June 21, at 4:00 am UTC.In an announcement, the exchange said that its operating conditions have deteriorated since a former member of its team was subjected to
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Crypto exchange Hotbit has announced the suspension of trading, deposits, withdrawals, and funding on its platform. The exchange said law enforcement has frozen some of its funds and subpoenaed some senior managers as they investigate a criminal case involving the exchange’s former employee. Hotbit Suspends Trading, Deposits, Withdrawals Cryptocurrency exchange Hotbit announced
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On Thursday, cryptocurrency exchange Hotbit said it "suspended trading, deposit, withdrawal and funding functions," with no timeframe for resumption. In explaining the decision, Hotbit stated:"A former Hotbit management employee who left in April this year was, unbeknownst to Hotbit, involved in a project in 2021 that law enforcement authorities now
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Hotbit suspended crypto trading, deposits and withdrawals due to a criminal investigation into a former employee that led law-enforcement authorities to freeze some of the firm's funds. Original Source
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