DX.Exchange, a crypto exchange that made headlines at its launch in January for running on Nasdaq technology, has announced that it will shut down because of financial issues.
The company posted on its official blog this Sunday that the company will be closing its business. According to the post, the exchange will be shut down only temporary, but the rest of the members are seeking to be acquired in order to keep the operations running.
“We must inform the community that the board of directors of DX.Exchange has decided to temporarily close the exchange as we pursue a merger or outright sell of the company,” stated the post.
“The costs of providing the required level of security, support and technology is not economically feasible on our own.”
Currently, no trades or deposits can be made using the exchange. All open orders were canceled at 12:00 GMT on Sunday. The company stated that the funds are not lost and will be refunded to their particular owners to “allow a merger/sale to proceed.”
In order to execute withdrawals, clients are required to email the support team with a copy of the government ID they submitted when they signed up on the platform, the wallet address and amount for each asset they want to withdrawal, a selfie of them and a paper with the date and “DX Exchange” warren on it, and use the same email that was used when registering from the account. All withdrawal requests must be made until November 15.
What made this exchange stand out was the fact that it was the first cryptocurrency trading platform to implement Nasdaq trading technology with the exchange’s proprietary tech, which could have made a top competitor in the industry.
DX.Exchange is one of the many cryptocurrency platforms that have failed to survive on the market and calling it quits. South Korean exchange Prixbit officially shut down a few months ago, as well as the top crypto exchange in Thailand.
Featured image: TheStreet