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South Korea's Cryptocurrency Exchange Coinbin Declared Bankruptcy

Liang CHE

Summary: According to coindesk.com, South Korea's cryptocurrency exchange Coinbin declared bankruptcy after suffering millions of dollars in losses. Coinbin issued a notice on its website on Wednesday saying that "increased debt" and "government regulation" caused the company to stop its business operations. Specifically, the reason is that regulators have suspended their ability to issue virtual accounts ...

According to coindesk.com, South Korea's cryptocurrency exchange Coinbin declared bankruptcy after suffering millions of dollars in losses. Coinbin issued a notice on its website on Wednesday saying that "increased debt" and "government regulation" caused the company to stop its business operations. Specifically, the reason is that regulators have suspended their ability to issue virtual accounts to users and the increased operating expenses and liabilities of their failed subsidiary, Youbit.