South Korean Exchange Zeniex Shuts Down

 
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There are cryptocurrency exchanges that have seen massive success over the years, even though 2018 has been a bearish year for the cryptocurrency markets in general. One obvious example is Binance, the world’s largest cryptocurrency exchange by daily volume, expects to net as much as $1 billion in profits this year, despite the fact that cryptocurrency markets have lost hundreds of billions of dollars in market capitalization.

It appears as though Zeniex, a South Korean cryptocurrency exchange that launched earlier this year, has not been able to survive the year. The exchange will cease all operations as of November 23.

A notice was placed on the Zeniex website that elaborated on the termination of the Zeniex service. The website stated:

“Dear users, since the establishment of Zeniex on May 8 of 2018, we have strived to provide our best service with the vision of ‘Promoting sound Crypto Finance’. However, with recent issues regarding ZXG…we have come to the conclusion that continuing to operate such service will be difficult. It is with much regret to announce that all services of Zeniex will be terminated on November 23, 2018.”

There was an additional notice on the website that also announced the fact that the ZXG token was abolished, as well. Trading has already ceased on the platform, as well.