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CoinExchange.io has announced that the company is shutting down services due to financial issues. According to the announcement, the exchange will remain operational until the first of December.
CoinExchange.io says goodbye
CoinExchange.io revealed that it was no longer economical for them to continue offering services. The company claimed that the cost of providing security and support was far more than the company’s earnings.
As a result, the company has decided to cease trading and deposits on October 15. The website and withdrawals will be active until the first of December. CoinExchange.io has requested users to withdraw all funds by this date. The company stated that the market conditions are unfavorable at the moment, and the company may return in the future if conditions seem to favor.
The company also announced the news on its Twitter account.
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
Meanwhile Twitter user Turbo remarked that this was the outcome of the prolonged bear market that had claimed another victim. Other users remarked that it was a shame to see the platform leaving.
Bear market: Other victims
CoinExchange.io is not the only crypto exchange closure occurring in 2019. Previously Indian crypto exchanges Koinex and Coinome announced that they were ceasing operations due to regulatory reasons.
Furthermore, a Polish exchange Bitmarket had shut down operations back in July due to loss of liquidity. Most recently Thailand’s BX crypto exchange announced that it was shutting down digital asset services at the end of September. The company did not elucidate the reason behind the decision. The company only stated that the firm was “focusing on other business opportunities.”
Will the bear market claim more exchanges?
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Ahmad Asghar
A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.
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