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.
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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