### After more than five years of operation, Hotbit has made the difficult decision to halt all centralized exchange (CEX) activities. The move comes as Hotbit recognizes the growing challenges and uncertainties surrounding centralized exchanges, stating that it is unlikely to align with long-term industry trends.

<blockquote className="twitter-tweet"><p lang="en" dir="ltr">It&#39;s time to take a bow 🙇<br />For 5 years and 4 months, the Hotbit team has been proud to participate in a wonderful crypto show with 5 million users. However, it is with great regret that we have made the decision to stop all CEX operations from May 22, UTC 04:00. We kindly ask all…</p>— Hotbit News (@Hotbit_news) <a href="https://twitter.com/Hotbit_news/status/1660496999458963458?ref_src=twsrc%5Etfw">May 22, 2023</a></blockquote> 



One of the main reasons behind this decision is the deteriorating working conditions faced by Hotbit. In August 2022, the exchange had to temporarily shut down due to an investigation, which coincided with a series of industry-wide setbacks, such as the collapse of FTX and bank-related issues causing USDC off-peg incidents. These events resulted in a significant outflow of funds from Hotbit and other exchanges, leading to a decline in cash flow.



Furthermore, Hotbit cited cyberattacks and "project defects by malicious users" as additional factors that contributed to the downfall of the market. These security breaches and intentional disruptions by malicious actors put a strain on the exchange's operations and undermined the trust of its user base.



The decision to cease CEX activities demonstrates the crypto exchange’s commitment to prioritizing the security and well-being of its users. The exchange aims to ensure that its customers can securely retrieve their assets and navigate the changing landscape of the cryptocurrency industry. Users are advised to withdraw their funds before June 21st.



Hotbit's exit from the CEX space serves as a reminder of the evolving nature of the cryptocurrency market and the challenges faced by centralized exchanges. As the industry continues to mature, it is crucial for exchanges to adapt to market dynamics and implement robust security measures to protect user funds in an increasingly hostile environment.

After more than five years of operation, Hotbit has made the difficult decision to halt all centralized exchange (CEX) activities. The move comes as Hotbit recognizes the growing challenges and uncertainties surrounding centralized exchanges, stating that it is unlikely to align with long-term industry trends.

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Hotbit Exchange Pulls The Plug On CEX Services: Urges Users To Safely Retrieve Funds