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- Hotbit bows down!
Hotbit bows down!
Also : Huobi encounters a speed bump in Malysia!
Welcome to Coinsauce's Quick Fix, your daily shot of crypto knowledge to keep you ahead of the game. Get ready to sip on the latest news, updates, and exciting developments from the crypto world, delivered straight to your screen spam-free! Let's dive straight in!
Trending in the past 24 hours 👇
1. ⚠️ End of the road - Hotbit exchange halts operations, urging users to withdraw funds.
2.🖐️Speed Bump - Huobi exchange ordered to stop operations in Malaysia.
3. ✅ Road to mass acceptance - Indonesian governor plans to make the nation into a Bitcoin heaven in the near future.
Hotbit taps out
Hotbit, a centralized exchange with ~$20 million in daily trading volume, has hit the brakes on its operations. Yet another classic tale of a once-promising venture that couldn't weather the storm 😢
The company pointed fingers at the FTX collapse, multiple investigations by regulators, the ongoing banking crisis, cyberattacks and a host of other factors that led to a continuous outflow of user funds from the platform, causing a steady decline in their fortunes.
The Hotbit team also believes centralized exchanges are becoming “increasingly cumbersome” and are “unlikely to meet long-term trends. According to them, the only two ways ahead for other platforms are to become more decentralized or embrace regulation.
If you are a Hotbit user, please withdraw your funds from the platform before June 21 at 4:00 am UTC. As centralized platforms drop like flies, Coinsauce urges you to consider the allure of hardware wallets like Trezor as its a much better way to protect your crypto.
Safety first, my friends ❗️
It's time to take a bow 🙇
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… twitter.com/i/web/status/1…— Hotbit News (@Hotbit_news)
4:05 AM • May 22, 2023
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Huobi’s Malaysian Misadventure
Malaysia's Securities Commission (SCM) has dealt a blow to Huobi Global, ordering it to cease all activities in the country, claiming that it failed to register as a cryptocurrency exchange operator in the country.
With a daily trading volume of over $ 350 million and a market share of 1.51% amongst Cexes, Huobi is the 6th largest exchange globally.
The commission has directed the exchange to disable its website, and mobile apps and cease advertising via email and social media. If Malaysian investors use Huobi, we urge you to stop trading on the platform, withdraw funds, and close your accounts before it gets too late! Don't wait until the curtain falls!
With only four recognized cryptocurrency exchange operators in Malaysia, i.e. Luno Malaysia, MX Global, Sinegy, and Tokenize Technology, the Huobi case is another reminder that taking shortcuts in compliance will eventually trip up CeFi platforms sooner or later!
From Geothermal to Digital Gold
The Governor of the Indonesian Province of West Java, Ridwan Kamil, recently discussed in a fireside chat multiple ways in which bitcoin adoption in Indonesia could benefit its people. Brace yourself for yet another economic transformation!
With abundant renewable energy and a large unbanked population, the Governor sees the potential for Bitcoin to transform its economy. He is also in favour of inviting Bitcoin miners into the country. The nation is also building a trading platform to provide its 273 million citizens with easier access to Bitcoin.
We are now preparing for a trading exchange for Bitcoin in Indonesia. The new generation is buying Bitcoin as a reserve. Hopefully Indonesia will be a Bitcoin heaven in the future.
Kamil believes Bitcoin can be a solution for the unbanked, and with over 12 million cryptocurrency investors, the country is on a steady path towards adoption. It's an exciting prospect: turning energy into money and creating a Bitcoin heaven in Indonesia's future.
With access to renewable energy and a population hungry for financial inclusion, Indonesia seems poised to embrace Bitcoin with open arms. Who said heaven couldn't have a little digital sparkle, eh? ✨
Meme of the day
A meme worth 1000 words! Nothing but self-custody is safe in crypto!
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And with that, we've reached the end of today's Crypto Quick Fix. Thank you for subscribing to our newsletter. Remember, there's always more to explore and discover in the crypto world. So always keep your wallets ready and your minds open! Until next time, happy HODLing!
Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decisions.
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