The altcoin trading platform, Coinexchange.io to shutdown due to financial difficulties.
Financial Difficulties
A statement made by the company on Oct 1st mentioned that the trading platform closure is not connected to any security breach or other incidents but purely business reasons.
“Unfortunately it is no longer economically viable for us to continue offering market services. The costs of providing the required level of security and support now outweigh our earnings.” Coinexchange.io
According to CoinMarketCap, Coinexchange.io is currently seeing daily traded volumes of roughly $700,000 while supporting more than 500 altcoins.
We regret to inform our community that https://t.co/9Rg5khUo5M is closing down. For full details please read the following announcement https://t.co/ilvDdYuBfP — CoinExchange.io (@coinexchange_io) October 1, 2019
From Oct 15th onwards, trading and deposits will be suspended from the trading platform. Traders are being notified to halt any trading activities as soon as possible.
Until December 1st, the website will remain operational. However, by then users will have to remove all their remaining funds.
The exchange clarified that it might make a comeback if market conditions change.
Recent Closures
A Malta-based platform launched by major South Korean exchange Coinone- Coinone Global Exchange too closed down in mid-September.
On the other hand, Thai crypto exchange Bitcoin Co. Ltd announced in September that it would halt all its trading operations and will not be seeking for Digital Asset Exchange License in 2020 from regulators.
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