Coinspeaker
Crypto Exchange Hotbit Suspends Operations after Five Years of Service
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 $1 benchmarks, and the deterioration of operating conditions.
Hotbit was founded in 2018 and quickly became one of the most popular exchanges in the industry. The firm offers users various options to trade digital assets, including meme tokens such as SHIB, KSM, and GRIN.
Centralized Exchanges Are Becoming Increasingly Cumbersome
In addition to spot trading options, the exchange provides staking services allowing users to earn passive income from their crypto holdings. However, the company’s success was not without its problems. In April 2022, the exchange was involved in legal disputes when law enforcement investigated its former staff for possible viol
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