One of the biggest cryptocurrency exchanges, Coinexchange.io has announced that it is shutting down due to financial difficulties.
In an announcement on October 1, the platform underscored that the closure was simply a business choice and isn’t associated with any security breach or other reasons. Coinexchange.io is presently witnessing daily traded volumes of around $700,000, as per CoinMarketCap, and supports over 500 altcoins. The platform expressed:
“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.”
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
Coinexchange.io has been in existence since Q4 2016 and began attracting users in swatches by Q2 the subsequent year. The exchange offers crypto-to-crypto trading services and is one of the few mid-sized cryptocurrency trading platforms that has managed to avoid being hacked — at least that’s their official position. Withdrawals Until December As part of this announcement, the team has confirmed several key dates. First of all, users will be able to make deposits and continue to trade until October 15. However, the company advises ceasing all activities as soon as possible to avoid any problems further down the line. Secondly, the withdrawals will remain accessible until December 1, after which the website will be shut down altogether. This gives users ample time to effectively get their money out in whichever way they see fit. Did you ever use Coinexchange.io? Which exchange platform is your current go-to? Let us know via the comments box below!
