it can't be the "biggest" exchange and also lose trading volume so much to be forced to close. not to mention that it is all about bad business decisions which led to failure of their platform to get customers and volume to generate them a decent revenue.
in fact that is not the only case and not the only country. in 2017 because of the shitcoin bubble a lot of newbies thought they could make millions just by entering the market, a lot of them went into businesses such as exchanges, fund manager,... or some old businesses run by newbies thought about expanding unreasonably. in the past year or so because of the drops and due to the fact that they were newbies with no knowledge of running a business, they failed.