Hotbit, the cryptocurrency trading platform, has announced that it will cease all central exchange (CEX), citing deteriorating conditions in operation and changes to the crypto landscape.

Hotbit announced Monday that users have until 4:00 UTC, June 21, to remove their assets from the platform.

Hotbit, which claims to have 5 million users , suspended trading withdrawals and deposits in August last year after law enforcement authorities frozen some of the funds following a criminal investigation involving a former employee.

Hotbit reported that the wider crypto industry went into crisis mode in November after FTX collapsed. This led to “continuous withdrawals of funds by CEX users… deteriorating cash flows,” Hotbit stated.

Hotbit predicts that the crypto industry will shift more towards decentralized business models as a result of the stricter regulation on centralized companies following FTX’s collapse. Theoretically, decentralized businesses can avoid the risk that there is a single point failure as happened with FTX.

Read more: Centralized Exchange Scrutiny Will Drive Research on Decentralized Exchanges

Sheldon Reback is the editor.