Hotbit said that centralized exchanges are becoming more cumbersome and highlighted that it is “unlikely to meet long-term trends.“
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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 an investigation in August 2022. According to the exchange, the probe forced it to stop its business for weeks.
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In addition, Hotbit also cited various incidents within the crypto space as contributors to its decline. The exchange cited the FTX collapse and the banking crises that caused the USD Coin
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