South Korean Cryptocurrency Exchange Zeniex Closes

TotalNews1

Total News – Atlanta, GA 11/12/2018. South Korean cryptocurrency exchange Zeniex announced that all their services will be terminated on November 23, 2018.

The exchange advised their users to withdraw their digital assets before the deadline as the users will no longer be able to access it after the said date.

In addition, the token ZXG will also be terminated. ZVG was supposed to be listed on cryptocurrency exchanges outside of South Korea but because of the pressure from the local financial authorities, they decided to discontinue it.

Moreover, Zeniex and Genesis Capital, the exchange's Chinese partner, will return the cost of ZXG in Ethereum on November 12. The value in Ethereum to be returned is based on the average cost ZXG.

Starting November 9, the digital asset withdrawal limit has been increased to accommodate the users.

Zeniex was launched in May 8 2018 as a joint venture between South Korea and China. In September, the exchange launched ZXG Crypto Fund No.1 as South Korea's first virtual currency fund.

According to a report by Business Korea:

"The virtual currency funds have never been registered in the Financial Supervisory Service, and their financial investment guide on their homepage has not been audited by the Financial Supervisory Service. None of the management company, sales company and the trustee have been approved by the Financial Services Commission."

The report added:

"Under the Capital Markets Act, all funds must be registered with the Financial Supervisory Service, and public offering funds that collect funds from general investors must file securities reports. In addition, an asset management company that manages a fund and the fund sales company that sells it have to obtain necessary financial approval. Moreover, in order to protect investors, they must honor regulations on business practices such as the maintenance of minimum capital for soundness and the prevention of conflicts of interest and a duty to explain to investors."

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