A new South Korean based crypto exchange, Zeniex has announced the termination of its services. The exchange has fixed a service end date and it has advised all clients to withdrawal their cryptos before the deadline.
Zeniex Set to Shut Down
The closure of Zeniex is based on an order given by the South Korean financial authorities.
As a result of investigations carried out by the financial authorities, it was discovered that the exchange is not authorised to provide the services it is currently rendering. Due to this, the exchange has been ordered to shut down operations.
Zeniex has issued a press release, giving full details of the event as well as the deadline for traders to withdraw their funds from the exchange.
The release stated that:
“With recent issues regarding ZXG, we have gone through great deliberation both internally and externally. As a result, we have come to the conclusion that continuing to operate such a service will be difficult. It is with much regret to announce that all services of Zeniex will be terminated on November 23, 2018.”
No Trade From November 23rd
The release made it known that the exchange native token is not withdrawable. The release also made it known that as from November 23rd users will no longer have access to the exchange.
Furthermore, all trading on the platform has ended. The exchange also made it known that it will be returning its investors money in ETH today, November 12.
Being the first virtual fund in South Korean, Zeniex has always been on the radar of the Financial Services Commission (FSC) since launching in September. In its effort to cracking down on unauthorized cryptocurrency funds, the authority has found Zxg Crypto Fund No. 1 guilty of violating the country’s Capital Markets Act. This has led to it ensuring that the exchange shut down its operations.