Cryptocurrency exchange Coinexchange.io has announced that it is shutting down due to financial difficulties.
October 2, 2019, | AtoZ Markets - Australian based cryptocurrency exchange, CoinExchange.io, which has been serving the crypto community since 2016 is shutting its doors to all of its services.
No longer economically viable
In the past 24 hours, CoinExchange has seen roughly $700,000, of daily traded volumes and is ranked 100 according to CoinMarketCap's exchange rankings. However, the company, which supports over 500 altcoins has provided a clear reason for shutting down. The platform stated:
“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, trading and deposits will be suspended starting from October 15th. Nevertheless, investors can withdraw their funds until the 1st of December 2019. The company announced this on their blog.
“It has been a fantastic journey and we have enjoyed playing a part in the cryptocurrency space. We thank everyone that has traded or listed a currency with us. So sadly it is goodbye for now however we may return in the future if market conditions change.”
– CoinExchange.io Team
About CoinExchange.io crypto exchange
The crypto exchange was known to support new projects to get their product listed, and the platform has a big offering of assets. CoinExchange offers crypto-to-crypto trading services and is one of the few mid-sized crypto trading platforms that has managed to avoid being hacked.
The people behind CoinExchange.io are unknown. WhoisGuard registered the domain name and keeps the identity of the website owners private. The Terms & Conditions on the website refer to the court of New South Wales, which would imply this is an Australian exchange.
Coinexchange.io shutting down is a blow to low-budget new crypto projects that wanted cheap and easy listing on an exchange.
Recent closures across the globe
CryptoExchange.io is not the only company struggling to make a profit or generate revenue. As AtoZMarkets reported, Cryptopia decided to shut down after hackers stole millions of dollars worth of crypto. Thai Crypto Exchange Bitcoin Co, PrixBit, Bitmarket, and Coinroom, are just a sample of the list of crypto exchanges that have shuttered their doors in 2019 alone.
Did you ever use Coinexchange.io? Which exchange platform is your current go-to? Let us know in the comments below!