Zeniex Cryptocurrency Exchange is ending its journey in the crypto world after receiving a crackdown on unauthorized cryptocurrencies from the Korean Financial Authorities. Zeniex has asked its users to withdraw all their funds on immediate basis.
Zeniex Exchange
The Zeniex Exchange was launched in earlier this year and allowed its users to trade all major cryptocurrencies.
The Zeniex Exchange announced on its official website about the termination of Zeniex Services and the termination of ZXG Crypto Fund No.1.
ZXG Crypto Fund No.1
The ZXG Crypto Fund No.1 was the center of attention for the financial regulators since its launch in September this year as it was the first cryptocurrency fund in South Korea.
The Financial regulators believe that the ZXG Crypto Fund No.1 violates the country’s Capital Markets Act.
South Korean Financial Services Commission said:
The virtual currency fund is likely to be in violation of the capital markets law and the company is not an investment company accredited by the financial authorities.
Timeline for funds withdrawal
The Zeniex Exchange has announced that all users must withdraw their funds (except for ZXG) before the end of the service date i.e. 23rd November 2018. The users will not be able to see their funds in their respective exchange wallets after this due date.
