Cashierest Crypto Exchange Review: Why It Shut Down and What Happened to User Funds

Cashierest Crypto Exchange Review: Why It Shut Down and What Happened to User Funds Nov, 15 2025

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Cashierest was once a small crypto-only exchange based in South Korea, but it’s no longer operational. If you’re searching for a review of Cashierest today, you’re not looking to trade - you’re trying to figure out what happened to your money, or why this platform disappeared. The truth is simple: Cashierest closed down for good on December 22, 2023. There’s no going back. No new deposits. No new trades. Just a five-year window to recover any leftover funds - and even that’s fading fast.

What Was Cashierest?

Cashierest launched in June 2018 as a crypto-only exchange, meaning you couldn’t deposit or withdraw Korean Won, USD, or any fiat currency. You could only trade Bitcoin, Ethereum, and a handful of other cryptocurrencies against each other. It targeted Korean users who wanted fast sign-ups without heavy KYC checks. The platform had a basic trading interface - order books, charts, buy/sell buttons - nothing fancy. The website was in Korean by default, with a toggle for English, but most users were local.

It wasn’t listed on CoinGecko or CoinMarketCap after September 2021. That’s a huge red flag. Those sites track trading volume, liquidity, and activity. If an exchange doesn’t show up there, it usually means no one’s trading there anymore. Cashierest didn’t publish audits. It didn’t disclose its wallet security setup beyond vague claims like “hardware wallet backup.” No one outside South Korea knew about it. It didn’t advertise. It didn’t grow.

Why Did Cashierest Fail?

Three big reasons killed Cashierest: no liquidity, no transparency, and no competition.

First, without fiat on-ramps, it couldn’t attract new users. If you wanted to buy crypto with a bank card or bank transfer, you had to go to Upbit, Bithumb, or Korbit - all Korean exchanges that supported KRW. Cashierest forced users to already own crypto before they could trade. That limited its user base to a tiny group of existing holders who were already using bigger platforms.

Second, it never showed its trading numbers. No public volume. No order book depth. No third-party verification. That’s not just poor practice - it’s dangerous. When an exchange hides its activity, users can’t tell if trades are real or if the platform is manipulating prices. Cryptowisser flagged this as a “definitely a red flag” in 2021. By then, the writing was on the wall.

Third, it didn’t adapt. While Binance added staking, futures, and low fees, and Kraken launched institutional tools, Cashierest stayed the same. No new coins. No mobile app. No customer support improvements. No marketing. It was stuck in 2018 while the rest of the market exploded. By 2023, it had no users left to keep it alive.

What Happened to User Funds?

On December 22, 2023, Cashierest stopped all trading. But here’s the twist: they didn’t immediately shut down withdrawals. Instead, they announced a five-year window - until December 22, 2028 - for users to request their remaining crypto.

If you still have funds on Cashierest, you need to submit a withdrawal request with proof of identity. The platform says they’ll verify your identity within 7 business days. If approved, your assets will be sent out within 14 days. If they can’t confirm you’re the owner, they’ll guide you toward legal steps - which, in practice, means you’re on your own.

But here’s the catch: no one knows how many people are still trying to get their money back. There are zero public reports of successful withdrawals. No Reddit threads. No Twitter updates. No user testimonials. That’s not because people are quiet - it’s because there’s almost no one left who still has funds there. Most users likely moved their crypto out years ago when they realized the exchange was dying.

Cartoon trading floor with a broken computer and a giant countdown sign, while other exchanges glow in the distance.

Was Cashierest Safe?

There’s no way to say for sure. Cashierest claimed to use “a variety of security solutions” and a “backup system through hardware wallet.” But no independent audit ever confirmed this. No hack was reported. No breach was leaked. That doesn’t mean it was secure - it just means no one was watching closely enough to notice if something went wrong.

Compared to global exchanges like Binance or Coinbase, Cashierest had zero security transparency. No two-factor authentication requirements. No insurance fund. No cold storage breakdown. No public proof of reserves. That’s not just risky - it’s irresponsible. If you used Cashierest, you were trusting a company with no public track record, no regulatory oversight, and no accountability.

How Does Cashierest Compare to Today’s Top Exchanges?

Here’s how Cashierest stacks up against what’s available now:

Cashierest vs. Top Crypto Exchanges in 2025
Feature Cashierest Binance Kraken Upbit (Korea)
Operational Status Closed (Dec 2023) Active Active Active
Fiat Support No Yes (50+ currencies) Yes (USD, EUR, CAD, etc.) Yes (KRW)
Trading Pairs 64 (2019) Over 1,000 Over 200 Over 100
Trading Volume (Public) Not listed since 2021 $30B+ daily $1B+ daily $500M+ daily
KYC Requirements KYC-lite Full KYC Full KYC Full KYC
Security Audits None reported Regular third-party audits Regular third-party audits Regulated by FSC
User Reviews 1 review (4/5) 100,000+ reviews 50,000+ reviews 20,000+ reviews

The difference isn’t just scale - it’s trust. The top exchanges publish their reserves, get audited by firms like Grant Thornton or Cointelegraph, and are regulated by financial authorities. Cashierest did none of that. It was a quiet experiment that never gained traction - and when the market moved on, it vanished.

A sinking exchange ship with users jumping off as sharks labeled 'Regulation' circle below.

What Should You Do Now?

If you still have crypto on Cashierest:

  1. Log in to the website immediately. The platform may still be accessible for withdrawals until December 22, 2028.
  2. Submit your withdrawal request with a government-issued ID and proof of account ownership.
  3. Keep records of every step - screenshots, confirmation emails, timestamps.
  4. If your request is denied or ignored, contact a legal advisor familiar with cryptocurrency asset recovery in South Korea.

If you used Cashierest in the past and already moved your funds out - congratulations. You avoided a sinking ship.

If you’re thinking of trying a new exchange, avoid anything that doesn’t show trading volume, doesn’t support fiat, and doesn’t have a public track record. Stick to platforms that are listed on CoinGecko, have clear security policies, and are regulated somewhere in the world.

Final Thoughts

Cashierest wasn’t a scam in the traditional sense - no one was caught stealing funds. But it was a failure. A quiet, unnoticed failure. It offered a service no one needed, with no transparency, no growth, and no plan. It survived five years by luck, not strategy. And when the market caught up, it had nothing left to offer.

Its story isn’t about one bad exchange. It’s about what happens when you ignore the basics: liquidity, transparency, and user trust. The crypto space is full of startups that promise speed and simplicity. But if they won’t show you their numbers, don’t trust them. And if they disappear without warning? You’ll be left with nothing but a five-year window to recover what’s left - and no one to help you.

Is Cashierest still operating as a crypto exchange?

No. Cashierest stopped all trading operations on December 22, 2023. The platform no longer accepts deposits or allows new trades. The only remaining function is a withdrawal system for existing users, which will remain open until December 22, 2028.

Can I still withdraw my crypto from Cashierest?

Yes - but only if you act before December 22, 2028. You must log in to the platform and submit a withdrawal request with proof of identity. Verification takes up to 7 business days, and if approved, your assets will be sent within 14 business days. If you can’t prove ownership, you’ll need to seek legal help.

Why was Cashierest not listed on CoinGecko or CoinMarketCap?

Cashierest never reported its trading volume or provided the data required by these platforms. After September 2021, both sites stopped showing any activity for Cashierest, indicating the exchange had little to no trading. Without volume, exchanges are removed from tracking sites - a major red flag for users.

Did Cashierest have any security audits or insurance?

No. Cashierest made vague claims about using hardware wallets and “security solutions,” but never published any audit reports, proof of reserves, or insurance coverage. Unlike major exchanges, it operated without third-party verification, making it impossible to confirm the safety of user funds.

Was Cashierest banned or shut down by regulators?

No official statement says regulators forced Cashierest to close. The company cited “changing business conditions” as the reason. However, South Korea introduced stricter rules in 2023, including the Travel Rule, which required exchanges to share user transaction data. Cashierest’s lack of fiat support and regulatory compliance likely made it unsustainable under these new conditions.

Are there any alternatives to Cashierest for Korean users?

Yes. Upbit, Bithumb, and Korbit are the three largest crypto exchanges in South Korea. All support KRW deposits, offer strong security, and are regulated by the Financial Services Commission. They also have higher liquidity, better customer support, and transparent trading volumes - unlike Cashierest, which vanished without a trace.

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17 Comments

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    Derayne Stegall

    November 16, 2025 AT 21:37
    bro just deleted the app and moved on 😅
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    Ryan Hansen

    November 18, 2025 AT 14:07
    I remember when Cashierest was still up and running - it was like a ghost town by 2021. No volume, no updates, just a static webpage with a ‘login’ button that never did anything. I had like 0.2 BTC in there and just assumed it was gone. Honestly, I didn’t even think to check again until I saw this post. The fact that they’re still accepting withdrawal requests until 2028 is either a miracle or a trap. I’m not holding my breath. If they were legit, they’d have a public ledger or at least a single verified withdrawal on Reddit. But nope. Crickets. It’s the crypto equivalent of a dead phone number.
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    Astor Digital

    November 20, 2025 AT 02:08
    This reminds me of those tiny local crypto shops in Seoul back in the day - the ones with the handwritten signs and no English menu. Cashierest felt like one of those. Not evil, just… outdated. Like a flip phone in 2023. People didn’t abandon it because it was a scam - they abandoned it because it didn’t evolve. No mobile app? No fiat? No audits? Come on. Even the smallest Korean exchanges started offering KRW pairs by 2020. Cashierest was stuck in 2018 while the world sprinted ahead. It’s sad, really. Not because people lost money - but because no one cared enough to notice it was dying.
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    Shanell Nelly

    November 22, 2025 AT 00:03
    If you still have funds on Cashierest, DO NOT WAIT. Seriously. Even if you think you’re ‘fine’ - log in right now. Take screenshots. Save every email. Write down your wallet addresses. This is one of those things that seems like ‘it’ll be there later’ until one day the site just… redirects to a parking page. And trust me, no one’s gonna help you. Not Reddit, not Twitter, not even a lawyer unless you’ve got documentation. I’ve seen too many people lose everything because they thought ‘maybe it’ll come back.’ It won’t. Do it now. You’ll thank yourself later.
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    Aayansh Singh

    November 22, 2025 AT 05:03
    Of course it failed. Anyone with half a brain knew this was a dumpster fire. No fiat? No volume? No audits? No KYC? This wasn’t an exchange - it was a glorified paper wallet with a domain name. You didn’t lose money because you were unlucky - you lost it because you were stupid. Crypto isn’t for people who trust anonymous Korean websites with no public records. If you used this, you deserved to lose everything. Stop whining and move on.
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    Rebecca Amy

    November 23, 2025 AT 00:05
    so... like... did anyone actually get their money back? 🤷‍♀️
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    Darren Jones

    November 23, 2025 AT 11:18
    I know it’s tempting to ignore this - ‘it’s just a small exchange, who cares?’ - but please, for your own peace of mind, if you ever held funds here, take 10 minutes today and log in. Even if you think you’re empty, check. I had a 0.005 BTC balance I forgot about on an old exchange - I thought it was gone, but when I checked years later, it was still there. I withdrew it. It was worth $200. That’s $200 I didn’t have to earn again. Don’t be like me - don’t wait. Do it now. Don’t let ‘maybe’ turn into ‘never.’
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    Kathleen Bauer

    November 24, 2025 AT 10:31
    i legit forgot i even had an account there 😅 i just remembered last week and went to check - site still up? weird. but i dunno if i still have the password. gonna try my old email... fingers crossed. if it works, i’ll post a update. if not… well, at least i tried. crypto’s wild like that.
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    Carol Rice

    November 25, 2025 AT 05:10
    This is why you DON’T trust ‘crypto-only’ exchanges! They’re not ‘decentralized’ - they’re just unregulated, un-audited, un-monitored dumpster fires with a nice logo! Cashierest didn’t ‘fail’ - it was a slow-motion Ponzi of neglect! And now they’re dangling this ‘five-year window’ like it’s a lifeline? Ha! That’s just a legal loophole to avoid liability! They know 99% of users are gone - so they can quietly keep the rest! Don’t fall for it! If they were honest, they’d have a public withdrawal tracker - not a black hole with a ‘submit form’ button!
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    Laura Lauwereins

    November 25, 2025 AT 12:56
    So… the exchange that nobody knew about, nobody used, and nobody cared about… is now offering a 5-year window to recover funds? That’s not a redemption arc. That’s a legal loophole with a side of guilt. I bet the founder’s now running a taco truck in Bali. Meanwhile, we’re all sitting here wondering if our 0.001 ETH is still ‘in the system.’ I mean… congrats, Cashierest. You achieved the rarest of crypto feats: disappearing without a trace… and still getting a Wikipedia page.
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    Gaurang Kulkarni

    November 26, 2025 AT 08:53
    Cashierest was never real crypto it was just a frontend on a server in Seoul with no liquidity no audits no nothing if you had money there you were never serious about crypto you were just playing around
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    Nidhi Gaur

    November 26, 2025 AT 12:17
    i had like 0.5 eth there and i forgot about it until now 😅 i just tried logging in and it still works?? i’m scared to withdraw in case it’s a trap but i also don’t wanna lose it forever… anyone else in this boat?
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    Usnish Guha

    November 27, 2025 AT 00:50
    You people are pathetic. You trusted a non-KYC, non-audited, non-fiat exchange and now you’re crying because you lost your digital play money? This isn’t a tragedy - it’s a lesson. The market punishes laziness. If you didn’t verify, didn’t research, didn’t care - then you deserve to lose. Crypto isn’t a game for people who want hand-holding. If you didn’t know to avoid Cashierest, you shouldn’t be in crypto at all.
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    satish gedam

    November 27, 2025 AT 04:00
    Hey everyone - if you still have funds on Cashierest, I just did a withdrawal last week! Took 11 days total - they asked for my passport + a selfie holding it + my wallet address. No issues. Funds arrived. It’s slow but it works. Don’t panic. Just be patient. Keep all receipts. They’re not evil - just super under-resourced. I think they’re trying to do right by the few who still care. You got this 💪
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    rahul saha

    November 28, 2025 AT 20:00
    Cashierest was the crypto equivalent of a handwritten letter in the age of email - nostalgic, but obsolete. It wasn’t malicious - it was just a relic of a time when people thought ‘no KYC’ meant ‘freedom’ instead of ‘risk.’ The real tragedy? No one wrote an obituary for it until now. We all moved on. We didn’t mourn. We just… forgot. And now it’s haunting us with a five-year deadline. The universe doesn’t forgive indifference.
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    Marcia Birgen

    November 30, 2025 AT 06:11
    I just logged in and submitted my withdrawal request! I was so nervous I almost didn’t do it - but I’m so glad I did. They sent a confirmation email within an hour. It feels surreal. I thought I lost everything. I’m not celebrating yet, but I’m breathing a little easier. To anyone still on the fence: just do it. One step at a time. You’re not alone in this. We’ve all been there.
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    Jerrad Kyle

    November 30, 2025 AT 13:35
    This whole thing is a masterclass in how not to run an exchange. Cashierest didn’t get hacked. It didn’t get shut down by regulators. It just… faded. Like a candle left in a room nobody visited. No marketing. No updates. No transparency. No liquidity. And yet, somehow, it lasted five years. That’s not luck - that’s the crypto equivalent of a ghost town holding out because the last resident hasn’t left yet. The real lesson? If you’re not growing, you’re dying. And if you’re hiding your numbers? You’re already dead.

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