Why did Hotbit close?

Can you tell me more about the recent closure of Hotbit? What specific factors or events led to this decision? Were there any regulatory concerns or financial issues that contributed to the closure? Were users able to withdraw their funds and assets from the platform before it shut down? What does this mean for the future of cryptocurrency exchanges and the broader industry? And are there any other similar platforms that users can turn to in the wake of Hotbit's closure?