Coinnest, one of the largest Bitcoin exchanges in South Korea has announced that it will be shutting down following a litany of administrative, financial and legal issues.

5th Largest South Korean Bitcoin Exchange Closes Shop

In a statement published on the company’s website on Thursday (April 18, 2019), the platform announced its decision to shut up shop. Coinnest had already terminated account creation features as early as Tuesday (April 16, 2019).

Following the decision to shut down, the platform says it will stop trading and deposit services at the end of April 2019. Customers will have until the last day of June 2019 to withdraw crypto held in the company’s wallets.

Coinnest also announced a lowering of withdrawal fees, as well as the minimum withdrawal amount to enable the process to go on smoothly. The platform warned users that it will not process any withdrawals after June 30, 2019.

This news of the Coinnest shutdown rounds up what has most likely been a miserable year for the beleaguered exchange. Back in April…

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