Crypto exchange Hotbit said it would halt all operations on May 22 by 04:00 UTC, advising its users to withdraw their assets before June 21.
Why Hotbit is shuttering operations
In a May 22 statement, Hotbit explained that centralized exchanges had witnessed a continuous outflow of funds following the several crises that hit the crypto industry.
Hotbit cited its investigations in August 2022, alongside FTX’s collapse and USD Coin (USDC) depeg, as significant catalysts for its deteriorating operating conditions.
Besides that, the China-based exchange noted that the subsequent collapse of large centralized institutions had changed the crypto industry trend.
According to the exchange, centralized entities are left embracing regulation or becoming more decentralized. Hotbit wrote:
“The Hotbit team believes that centralized exchanges (CEX) are becoming increasingly cumbersome, with highly complex and interconnected businesses that are difficult to comply with, whether for compliance or d
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