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South Korean Crypto Exchange Coinnest Announces Closure
Cryptocurrency exchange Coinnest, once South Korea's third largest, is shutting up shop, citing a drop-off in trade.
Updated Sep 13, 2021, 9:05 a.m. Published Apr 19, 2019, 8:00 a.m.
Cryptocurrency exchange Coinnest, once South Korea's third largest, is closing down.
The exchange posted a notice on its website saying that as of Tuesday it is no longer operating, adding that users will need to withdraw any funds held on its platform by April 30. The fees for withdrawals and the minimum threshold have been lowered to assist the process, it said.
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While the notice was vague as to the reasons for the closure, a Coinnest official told CoinDesk Korea:
"It is a natural result of a decrease in trading volume. Both regulatory issues and business decisions have served as a background for this decision."
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The decision comes after a bad year for the exchange. A year ago an executive of the firm was arrested on suspicion of fraud and was later convicted, receiving a jail sentence and a 3 billion Korean won ($2.5 million) fine.
However, another official at Coinnest played down the connection with the company's closure when speaking to CoinDesk Korea.
Coinnest also lost $5 million in a mistaken airdrop this January. The firm revealed at the time that bitcoin and other cryptocurrencies were sent to customers due to a computer error. The exchange had been trying to distribute We Game Tokens (WGT) when the incident occurred.
Closed sign image via Shutterstock
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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