Share this article
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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."
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
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Asia Morning Briefing: Data shows legacy media took a more balanced view of bitcoin in 2025
Media attention shifted from bitcoin’s environmental footprint to crime and kidnapping in 2025, while overall sentiment remained broadly neutral, according to crypto intelligence platform Perception.
What to know:
- In 2025, mainstream media coverage of Bitcoin became more balanced, with neutral reporting surpassing negative stories.
- The shift in narrative was driven by the exhaustion of earlier critiques rather than increased enthusiasm for Bitcoin.
- AI emerged as the dominant topic in media, overshadowing Bitcoin and driving more significant sentiment swings.
Top Stories
