Reading Time
~ 2 minutes
Spread the Word
CoinExchange
Advertisement

The altcoin trading platform CoinExchange has confirmed that it’s closing its doors soon, according to a notice published on their official website on October 1, 2019.

The tribulations of the exchange could be traced to financial limitations, based on the continued struggle to remain afloat in terms of popularity and acceptance among its target audience, who would prefer bigwigs, such as Coinbase, Bitfinex, Kraken, and Bittrex.

The announcement confirmed the exchange’s decision to close its doors, urging customers to ensure that they complete all withdrawals before December 1, 2019. According to the notice, the management of the altcoin-allied exchange has reached a conclusion to close down and it has nothing to do with security or any other reason.

Part of the announcement reads:

“This is purely a business decision and there has not been a security breach or any other type of incident. 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.”

CoinExchange Last Day of Operation

Based on the announcement, the company has chosen October 15, 2019, as the deadline for trading activities on its platform, investments, and deposits. The exchange now urges all its users to discontinue all their trading and investment activities on the platform immediately. However, the withdrawal of funds will continue up to December 1, 2019. Until that time, the site will remain active.

CoinExchange has experienced major financial challenges from the onset which, according to the report, have culminated in its closure. The company offered plenty of altcoin services but that failed to give it the level of popularity and acceptance it needed, as somehow, its activities were laced with ambiguity. The market situation compounded everything with altcoins currently facing market volatility, as the exchange’s expenses outweighed its revenue.

However, even if the exchange ceases operations, it assured the crypto space that should the situation in the market change, it would definitely make a comeback to offer market services.

Featured Image: Getty Images

Advertisement
Notice: The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.