Hotbit, a popular cryptocurrency exchange with over 5 million users, revealed the suspension of its operations. The exchange cited the deterioration of its operating conditions as the primary reason behind the decision. Hotbit’s management team was compelled to suspend operations for several weeks due to an ongoing investigation initiated in August 2022. Users have been advised to withdraw their remaining assets from the platform before June 21.

Hotbit, known for its extensive user base and wide range of supported cryptocurrencies, has attracted a significant number of traders and investors over the years. However, the recent decline in its operating conditions has necessitated a pause in its services. The exchange has been operating under heightened scrutiny since the investigation was initiated, which has ultimately impacted its ability to continue its regular operations.

The investigation, which began in August 2022, has imposed restrictions and increased regulatory oversight on Hotbit. As a result, the exchange’s management team has made the difficult decision to suspend operations temporarily. This move aims to address the ongoing investigation and ensure compliance with regulatory requirements.

Hotbit has expressed its regret over the suspension and understands the inconvenience caused to its users. The exchange is actively working to facilitate a smooth transition during this period. Users are encouraged to withdraw their remaining assets from the platform before June 21, as Hotbit will not be able to provide services beyond this date