Hotbit sets the company because centralized stock exchanges become increasingly cumbersome

Hotbit sets the company because centralized stock exchanges become increasingly cumbersome

The Hotbit cryptocurrency exchange based in Shanghai announced her decision to hire all of your company from May 22nd.

The team behind the platform believes that centralized stock exchanges “become more and more cumbersome”. It also added that it was difficult to comply with the highly complex and networked companies, be it for compliance or decentralization reasons, and that it was "unlikely to meet long-term trends".

• The crypto exchange stated that the successive breakdown of large centralized institutions led to the fact that the industry either accepted regulation or decentralized itself more. This turnaround in the crypto industry is an important factor that has led to business being closed.
• In the blog post, Hotbit asked its users to withdraw their remaining credit before June 21 of this year, and stated that his decision was also based on other reasons.
• The platform also attributed the deterioration in the operating conditions to a number of subsequent crises, including the collapse of FTX and banking crises, which led to incidents outside the currency binding of the USDC.
• The events led to continuous funds from CEX users, including Hotbit.
• The announcement is made for almost a year after the platform has hired its trade, withdrawals and deposits, since the law enforcement agencies have frozen some of their assets in connection with the alleged criminal misconduct of a former employee.
• Hotbit repeatedly suffered cyber attacks and the exploitation of project defects by malicious users who led to significant losses. For this reason, the team said that its current operating model was not sustainable to support a large number of assets from the perspective of risk management.