Crypto Trading Platform Hotbit Terminates CEX Operations

Hotbit users have until 04:00 UTC on June 21 to withdraw their assets from the platform

AccessTimeIconMay 22, 2023 at 10:49 a.m. UTC

Cryptocurrency trading platform Hotbit said it ended all centralized exchange (CEX) operations, citing deteriorating operating conditions and changes in the broader crypto landscape.

Users have until 04:00 UTC on June 21 to withdraw their assets from the platform, Hotbit said Monday.

Hotbit, which says it has 5 million users, suspended trading deposits and withdrawals last August after law-enforcement authorities froze some of its funds during a criminal investigation into a former employee.

The wider crypto industry was then plunged into crisis mode after the collapse of exchange FTX in November, which resulted in "continuous outflows of funds from CEX users ... and deteriorating cash flow," Hotbit said.

The crypto industry will pivot increasingly toward more decentralized business models in response to the sterner regulatory oversight of centralized firms following FTX's collapse, according to Hotbit. Decentralized businesses should in theory be able to avoid the risk of there being a single point of failure, as occurred with FTX.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.