Hanbitco cryptocurrency exchange announced on the 16th that it will cease operations and terminate exchange services. Despite the support of many customers, Hanbitco said it will end all exchange services at 2 pm on May 16, 2024. According to the announcement, Hanbitco has stopped member registration and virtual asset deposits since the 9th, and will terminate trading support for listed virtual assets on the 16th. Users can withdraw their virtual assets until July 16.
The closure of Hanbitco marks a further reduction in the number of money market exchanges actually operating in South Korea, which currently has less than 5. Since the end of won-denominated trading in 2021, the profitability of cryptocurrency exchanges in South Korea has continued to deteriorate, leading to operational difficulties. From the end of last year to this year, many exchanges have announced their closures one after another, and Hanbitco is just one of them.
