Hotbit Ends CEX Operations, Users Must Withdraw Assets by June 21

Crypto, Hariankripto.id - This decision, prompted by deteriorating operating conditions and shifts in the crypto landscape, has significant implications for users. Hotbit has set a deadline of June 21, 04:00 UTC, for users to withdraw their assets from the platform.

The termination of Hotbit's CEX operations comes as a surprise to its 5 million users who have relied on the platform for their cryptocurrency trading.

The platform faced challenges in the past when trading deposits and withdrawals were suspended due to authorities freezing funds during an investigation into a former employee. The collapse of FTX, another major exchange, further worsened the situation, leading to continuous outflows of funds from CEX users and financial strain for Hotbit.

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Hotbit believes that the crypto industry will shift towards decentralized business models to mitigate the risks associated with centralized exchanges. Decentralized platforms offer a potential solution by avoiding a single point of failure, as demonstrated by the FTX collapse.

To ensure the security of their assets, Hotbit users must take immediate action to withdraw their funds before the June 21 deadline. Following Hotbit's instructions and staying informed about the withdrawal process is crucial.

Users should verify the authenticity of communication channels and rely on official announcements to avoid falling victim to scams or phishing attempts.

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While the termination of CEX operations raises concerns among users, Hotbit has not indicated any disruptions to its decentralized exchange (DEX) services. Users who prefer DEX trading on Hotbit should stay updated on any announcements regarding the platform's DEX operations.

Hotbit's decision to terminate CEX operations highlights the challenges faced by the platform and the broader crypto industry. Users must act promptly to withdraw their assets and prioritize security throughout the process.

The shift towards decentralized business models represents a response to regulatory oversight and the risks associated with centralized platforms.

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