Share this article
Malta Crypto Exchange Opened by Coinone to Close Next Month
The shuttering comes as Korea's third-largest exchange shores up its local business.
Updated Sep 13, 2021, 11:20 a.m. Published Aug 19, 2019, 6:00 a.m.
CGEX, a Malta-based exchange opened by South Korea's Coinone less than a year ago, is shutting down.
The exchange posted an announcement last week saying that all services would be terminated on Sept. 18 at 2:50 UTC. After that date, customers will no longer be able to log in, and deposits and withdrawals will no longer be possible. CGEX added that all records would be destroyed, other than those that have to be retained by law.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Two months earlier, the exchange had announced a temporary suspension effective July 17. In that post, the company said that trading would be halted, deposits could no longer be made, active orders would be canceled and the API keys would be disabled.
Withdrawal services were still to be available and the exchange advised customers to withdrawal their holdings to avoid any potential losses. The announcement assured customers that the suspension was not a permanent end to the service and said that the exchange would be re-launching in the third quarter.
GCEX opened on Oct. 28, 2018. The Malta-based exchange was to offer only crypto-to-crypto trading, but it would be integrating with Coinone's operations in South Korea as well as those in Indonesia, where Coinone started an operation earlier in 2018.
The local press at the time said that the overseas expansion by Coinone was related to the government's crackdown on crypto and its regulation of exchanges. Other South Korean exchanges also established presences overseas, with Bithumb opening Bithumb DEX in Hong Kong and Upbit expanding in Singapore.
Coinone is the third largest exchange in South Korea and the 84th in the world by reported volume, according to data from CoinMarketCap. In recent weeks, it has taken a number of steps to improve security. The exchange announced listing rules on Aug. 8 and said earlier that it had hired CertiK to undertake a security validation.
Image via Coinone Facebook
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Lebih untuk Anda
Every Major Bitcoin Conference Has Seen Prices Fall in 2025, Will Abu Dhabi Be Different?
Bitcoin enters the Abu Dhabi conference near $92K after a year of sell-the-news dips at major events, raising questions about another potential pullback.
Yang perlu diketahui:
- Bitcoin enters the MENA 2025 conference around $92K, with traders watching for another event-linked correction.
- All four major bitcoin conferences this year — Las Vegas, Prague, Hong Kong and Amsterdam — coincided with short-term price drops.
- The bitcoin conference in Abu Dhabi arrives this week with bitcoin over $92,000, raising the possibility of another sell the news move.
Top Stories
