{"id":79074,"date":"2023-05-22T10:33:51","date_gmt":"2023-05-22T07:33:51","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79074"},"modified":"2025-09-11T08:56:18","modified_gmt":"2025-09-11T05:56:18","slug":"hotbit-exchange-to-shut-down-after-five-years","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hotbit-exchange-to-shut-down-after-five-years\/","title":{"rendered":"Hotbit exchange to shut down after five years"},"content":{"rendered":"<p>The Hotbit cryptocurrency exchange has announced the cessation of operations after five years of activity. All users were asked to withdraw funds by June 21.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">It\u2019s time to take a bow ?<br \/>For 5 years and 4 months, the Hotbit team has been proud to participate in a wonderful crypto show with 5 million users. However, it is with great regret that we have made the decision to stop all CEX operations from May 22, UTC 04:00. We kindly ask all\u2026<\/p>\n<p>\u2014 Hotbit News (@Hotbit_news) <a href=\"https:\/\/twitter.com\/Hotbit_news\/status\/1660496999458963458?ref_src=twsrc%5Etfw\">May 22, 2023<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>One of the reasons cited by the team for the closure was the &#8220;deterioration of operating conditions&#8221;. According to a press release, over the past year the crypto industry has undergone a series of crises that led to an outflow of user funds from centralized platforms (CEX), including Hotbit.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe cascading collapse of major centralized institutions has driven the industry toward two avenues: regulation or decentralization,\u201d according to Hotbit&#8217;s statement.<\/p>\n<\/blockquote>\n<p>The team believes that CEX are becoming inconvenient, and complex regulatory rules make them less attractive in the long term.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cHotbit proudly participated in a wonderful crypto show with 5 million users. [\u2026] We still believe in a bright future for crypto innovation, and some of us will continue to fight for it,\u201d the press release says.<\/p>\n<\/blockquote>\n<p>Earlier in August 2022, Hotbit <a href=\"https:\/\/forklog.com\/en\/news\/hotbit-exchange-suspends-trading-and-withdrawals\">paused trading,<\/a> deposits and withdrawals for all clients. At that time, part of the platform&#8217;s assets were frozen as part of an investigation into a former employee of the exchange, which hindered the company&#8217;s full operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hotbit cryptocurrency exchange has announced the cessation of operations after five years of activity. All users were asked to withdraw funds by June 21.<\/p>\n","protected":false},"author":1,"featured_media":79075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166],"class_list":["post-79074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex"],"aioseo_notices":[],"amp_enabled":true,"views":"141","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=79074"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79074\/revisions"}],"predecessor-version":[{"id":79076,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79074\/revisions\/79076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/79075"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=79074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=79074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=79074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}