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Korean Exchange CoinNest Closes Following Fraud Arrests

Published 04/19/2019, 10:10 AM
Updated 04/19/2019, 11:21 AM
© Reuters.   Korean Exchange CoinNest Closes Following Fraud Arrests

The Korean exchange CoinNest, one of the largest in terms of volumes, posted an announcement it will close to new traders as of April 16, urging users to withdraw their funds until the end of the month.

Korean media reported that the closing followed last year’s arrest of CEO Jin Yihuan for alleged fraud. The exchange was found guilty of malpractices in October 2018.

The closing of CoinNest follows the bankruptcy of its rivals, Coinbin and Zeniex, smaller exchanges that suffered the general loss of trading activity in South Korea. ...

This article appeared first on Cryptovest

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