Probit Cryptocurrency Exchange Ceases Operations in South Korea

Probit, a leading cryptocurrency exchange in South Korea, has announced its decision to cease its exchange services, effective March 16, 2024. In a statement on their website, the company cited challenges in maintaining a conducive trading environment despite their efforts. All exchange-related operations, including registration, deposits, and withdrawals, ceased as of 11 a.m. on the announcement day. Users are urged to withdraw their deposits and crypto assets before the service termination date. Withdrawals will be facilitated through a dedicated withdrawal-only system until June 16th, with potential additional fees. Probit, launched in 2019 by CEO Do Hyun-soo under the promise of being the safest platform, struggled to compete in the growing crypto market, with its market share dwindling to less than 0.1% of the domestic market’s 24-hour trading volume according to CoinGecko.

Read More : Cryptocurrency Reigns Supreme in Korea’s Foreign Exchange Crime Scene