South Korea Exchange Crackdown Forces Zeniex To Shut Up Shop

 

 

 

 

Zeniex exchange has said it will close its doors in the wake of the South Korean government targeting unregulated trading platforms, according to a Nov 9 post on the company’s site.

The exchange’s patrons have until November 23rd to withdraw their deposited cryptocurrencies, and trading has already ceased on the platform. Zeniex remarked that it would be difficult to “operate smoothly with such current pressure from the financial authorities.”

The company will also be liquidating its ZXG Crypto Fund No.1, which launched in September, after regulators said that the fund breached South Korea’s Capital Markets Act and launched an investigation into both the fund and Zeniex — which had never registered with the country’s Financial Supervisory Service.

Author: Timothy Goggin

Timothy Goggin is an economic analyst with an interest in the application of moral philosophy and decentralized systems. He studied economics at the Business School at Victoria University of Wellington, New Zealand. His area of research is the consequential and moral dimensions of implementing digital currencies and the resulting synergies for consumers in the trading environment.

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