🚨 HOTBIT HAS SHUT DOWN — May 22, 2023. Hotbit permanently ceased all operations on May 22, 2023, following a criminal investigation into a former manager, cash flow deterioration, and the aftermath of the FTX collapse. The platform served 5M+ users across 170+ countries. Withdrawal deadline was June 21, 2023. The platform is fully offline. Do not deposit funds or trust any site claiming to be Hotbit. Use Gate.io, MEXC, or KuCoin as alternatives.
Hotbit — Shutdown Timeline
| Date | Event |
|---|---|
| August 2022 | Law enforcement froze Hotbit funds during criminal investigation into a former manager; trading suspended for weeks |
| Late 2022 | FTX collapse caused continuous user outflows, further draining cash flow |
| May 22, 2023 | Hotbit permanently ceased all CEX operations — trading, deposits, withdrawals all stopped |
| June 21, 2023 | Final withdrawal deadline — all accounts closed after this date |
Hotbit operated for 5 years and 4 months (2018–2023), serving 5M+ users across 170+ countries. It held an Estonian MTR license, US MSB, Australian AUSTRAC, and Canadian MSB. The combination of a criminal investigation, FTX contagion, cyber attacks on the platform, and continuous user outflows made operations unsustainable.
Alternatives to Hotbit
| Exchange | Tokens | Spot Fee | Status |
|---|---|---|---|
| Gate.io | 1,700+ | 0.20% | ✅ Active |
| MEXC | 3,000+ | 0% maker | ✅ Active |
| KuCoin | 800+ | 0.10% | ✅ Active |
| Hotbit | N/A (historical) | N/A | 🚫 CLOSED May 2023 |
⚡ Bottom Line: Hotbit is permanently closed since May 22, 2023. Do not attempt to deposit funds. For altcoin trading with a large selection, Gate.io or MEXC are the best active replacements.
