The South Korean exchange recently announced it would stop operations due to financial difficulties.  The founder said:

“Due to negative internal and external influences, management difficulties could not be overcome and normal operation became impossible.”

Prixbit explained that it had worked hard to deal with hacking, money laundering and voice phishing. It also promised to return deposits for users that provided customer information. The exchange advised other deposited token owners to register for a refund quickly. The exchange further said that the refunds involving the exchange’s native tokens PRX and GRX has already been completed.

Many crypto exchanges in South Korea are struggling to continue their operations, despite being a major market for crypto trading. Excluding four major digital asset exchanges in the country, exchanges don’t have access to the banking ecosystem. Therefore, they can’t offer fiat-based services.