Estonian Crypto Exchange DX ‘Closed’ Due To Potential Merger Sale

The popular Estonian crypto exchange DX.Exchange is “temporarily closed” due to talks with Chinese investors about a potential merger or sale. The investors are apparently coming from China and Japan and are still undisclosed. However, a source close to the situation told the media that the exchange expects to close the deal later this month.

Owned and operated by Coins Marketplace Technologies OU, the Estonian crypto exchange DX is closed for traders right now. The first signs of this were yesterday, when the company officially announced that their board of directors has decided to temporarily close the exchange as they “pursue a merger or outright sell of the company.”

The Estonian crypto exchange also explained that “the costs of providing the required level of security, support and technology is not economically feasible on our own.”

From November 3rd, the trading on DX.Exchange has been suspended and no deposits are allowed to go inside the platform. All of the open orders were cancelled as well – and the exchange confirmed that all client funds are safe. They need to be returned in order for a merger or sale to proceed. Aside from that, all withdrawal requests on the Estonian crypto exchange must be submitted by November 15 – or the withdrawal process could be disrupted.

The official announcement is now viral in the cryptonews, stating that this is “only temporary” and that users will be notified when trading and deposits open again after the merger/sale. The exchange also said that “if the deal is not completed in a timely matter then the exchange may not resume operations and take appropriate action.”

As we reported in our news earlier this year, the Estonian crypto exchange aims to offer digital tokens based on the share of 10 companies listed on Nasdaq. In that manner, each token would be backed by a share and holders would be entitled to the same cash dividends. However, the companies themselves are not involved.

At press time, DX.Exchange does not provide information about any type of trading as we can see from its website. The officials also refused to comment until the talks are finished. However, by what is happening and by the “temporary” close, we can almost certainly say that the Estonian crypto exchange is getting new owners.