South Korean crypto exchange Zeniex to shutdown after less than 6 months

A South Korean Cryptocurrency Exchange required to close its operation after the recent official crackdown on the unauthorized platform.this Cryptocurrency exchange Zeniex and it is going to end all its solution after the conclusions made by the authorities.

Zeniex entered the industry as a joint venture between Chinese and South Korean people in May 2018. South Korea experienced a significant increase in the digital Forex market. As a result of this situation and the development of new programs and crypto-related solutions, officials decide to govern the market and prohibit Initial Coin Offerings (ICOs) from working in the nation.

All services in the trading platform are going to close on November 23. Customers have to draw all their funds as soon as possible and before the deadline. After November 23, users will not have the ability to receive their money.

In another statement made by the business, Zeniex’s Cryptocroncy Finance, which is called Zxg Crypto Fund No. 1, is also stopping its operations on November 23. The main objective was to record ZXG crypto in additional global and established exchanges around the world. Nevertheless, the plans had to be suspended.

Regarding this, the business wrote:

“We think ZXG Crypto Finance No. 1. Will have issues to function easily with such current pressures from monetary authorities.”

The business will soon return the capital spent by consumers on Monday, November 12. In October, the South Korea Financial Services Commission (FSC) warned investors about purchasing unauthorized crypt-and-block chains related firms such as First Coin Offerings or Crypto Exchanges. The reason for this warning is that they failed to save shareholders from the dangers.

According to Business Korea, the firm’s digital money capital has never been enrolled by the Financial Supervisory Service (FSS). Apart from this, the fiscal investment booklet on their homepage was not audited by the FSS.

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Although a complete ban on crypto was not executed by South Korea, some rumors spread about this potential online. For a long time, the Asian nation decided to govern the distance, something that many nations around the world are trying to do.

Authorities can take more crypto-friendly rules when the technology needed to take care of their shareholders in the country. Some nations, including Malta, are producing a very elastic and transparent regulatory framework for businesses to invest, study, and expand without leaving the shareholders no protection.