Exchanges

19/11/18 04:28 UTC-4

Zeniex, South Korean stock-exchange closes after seven months of operation

Zeniex closure after seven months of work
Zeniex closure after seven months of work

Just seven months after the launch of Zeniex (South Korean cryptocurrency exchange) – closes. This is reported on the official site of the platform. The closure of the store is scheduled for November 23, 2018, – as reported on www.zeniex.com

The crypto-exchange, which was launched in May of this year, released a message of closure. According to the report: November 23, Zeniex stops all tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
operations.

According to the comments, the closure of Zeniex is related to the development problems of the ZXG tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details
and the suppression of development by the Ministry of Financial Supervision of Korea FSS.

"(...) in October, the cryptocurrency exchange was suppressed by the financial authorities, and at present Zeniex exchange operations are difficult to maintain (...) After the existence of the exchange for seven months, it was decided to stop providing all services from November 23, 2018. We are grateful for the support of Zeniex users, and we apologize for not meeting users' expectations (...)" – www.zeniex.com

Officially, crypto-ZXG trading ended November 9. Owners of the token will now have to accept compensation in Ethereum. Compensation will be implemented from November 12, according to the second notice issued by Zeniex. For all other cryptocurrency assets, users were asked to remove coins before the platform terminated.

Zeniex is a joint venture of Chinese and South Korean companies. Recall that the company also launched the first in South Korea cryptocurrency fund – ZXG Crypto-Fund 1. Some experts argue that this seems to be the cause of the problem.

At the end of last month, the South Korean Financial Services Authority (FSS) and the Financial Services Commission (FSC) called on investors to exercise caution over virtual currency funds, stating that the guarantees of the Capital Markets Act are not applicable to such assets.

According to Business Korea, the Zeniex crypto-fund was not registered with the FSS. According to local law: this was against the law, as the South Korean Capital Markets Law requires all funds to be registered with the FSS control legislature. Funds collected from common investors should also be registered in the reports "... About securities".

Since Zeniex was not registered, and did not provide the necessary reports to investors of the same name fund, it is awaiting closure due to "inconsistencies with legislation".

Editor: Alyona Nabok

See also: "Kraken Exchange announced the emergence of Altcoin Tezos"

#Zeniex #closing #stock-exchange #cryptocurrency #South Korea

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