CoinExchange, an altcoin trading platform, has announced it’s going to shut down this month over financial difficulties it has been facing.
On its website, the exchange made it clear it wasn’t shutting down because of a security breach or any other security issue, but because the cost of keeping the platform running outweighed its earnings.
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.
The cryptocurrency exchange is, according to available data, trading an average of $700,000 a day across 500 trading pairs, many of which include little-known altcoins with rather low trading volumes.
CoinExchange detailed trading and deposits will be suspended on October 15, asking users to stop trading and depositing as soon as possible. The exchange’s website will remain operational until December 1, presumably so users have time to withdraw their funds. At the end of its announcement, it notes CoinExchange “may return in the future if market conditions change.”
Some of the altcoins being traded on the exchange saw their prices plummet shortly after the announcement was released, as traders started selling their holdings for leading cryptocurrencies like BTC, ETH, and DOGE.
Fucking hell.
CoinExchange exit dump.
Insane. pic.twitter.com/ddDgtJ1sXM
— David [scotch maximalist] (@bearishbulltard) October 1, 2019
As covered, the Bitcoin Co exchange abruptly announced its closure after five years running. Bitcoin Co was Thailand’s leading cryptocurrency exchange.
Featured image by Jose Fontano on Unsplash.