CoinExchange Shut Down All Services Due To Harsh Bear Market Conditions

CoinExchange shut down all services according to the blog post on the exchange’s website yesterday saying that the decision to do so was purely a business-related matter and not a result of the security breach or any other type of incident so we are about to find out more in the blockchain news today.

The platform noted:

‘’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.’’

As a result of the decision, all trading and deposits will stop on October 15 and the website along with the withdrawal operations will remain available until December 1, 2019. However, CoinExchange asked the users to remove all of the funds up to the previous date. The current market conditions can be harsh for many crypto companies and the company stated that it will return in the future if the industry improves. The CoinExchange noted:

‘’It has been a fantastic journey and we have enjoyed playing a part in the crypto currency space, it added.’’

By publishing the announcement on the Twitter account of the platform, many spoke of the positive experience they had with it. The Twitter user Turbo simply noted that the bear marked claimed another victim and others even stated that it was a huge shame that the platform is closing up its doors. The decision that CoinExchange had to do is the latest in the long line of previous closures this year.
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During the summer, the Indian crypto exchange Koinex also stopped all operations due to regulatory pressure and later Coinome also halted all operations as a result of regulatory uncertainty in the country. The decision came right amid the government proposal to impose a 10-year jail sentence for the citizens that use cryptocurrency as we reported earlier in the cryptocurrency news.

Thailand’s regulated BX crypto exchange also announced that they will be discontinuing the digital asset services as of this month and according to a report, the platform offered a small explanation for the decision where it can be seen that they reportedly want to ‘’focus on other business opportunities.’’