XDEX Announces Full Closure Citing Uncertain Regulations

Cryptocurrency broker XDEX announced the closure of its activities on Tuesday. In a statement, the company spoke about the difficulties it encounters in undertaking on an unregulated market and indicated that the time had come to cease operations.

01 April, 2020 | AtoZ Markets – XDEX turned an idea into reality in just over one year, using the Brazilian entrepreneurial spirit to seize an opportunity in a market. XDEX said, it is still little explored and with growing demand. However, difficult decisions need to be made along the way, is directly impacted by the environment and external factors. XDEX also said, it is forcing to constantly choose how and in which direction the business should go.

According to the XDEX, Entrepreneurship is and has always been a great challenge, especially within an unregulated market. But to undertake is also to know the time to stop.

XDEX Closes Activities

The Brazilian crypto exchange XDEX owned by the largest securities broker in Latin America, has announced the end of its activities. XDEX announced full closure. It said:

XDEX is starting the process of closing its operations. The market projection, competition and the few regulatory advances reduced the opportunities found at the beginning of the project. It was the basis for this difficult decision made by the company. 

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The company offered non-custodial exposure to crypto. Customers have up to 30 days to close their positions and fully withdraw their balance. "When requested to withdraw, funds will send to the bank account registered with XDEX within one business day, according to the bank's records," said the announcement, adding:

After the 30 days, if the client has not sold the assets, we will do so on their behalf. The obtained amount from the sale will deposit into the bank account registered with XDEX within three working days.

XDEX tried to capitalize on the possible entry of Brazilian institutional investors in crypto, since partners of XP Investimentos owned the platform. XP Investimentos also manages billions of investments.

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It is the fourth company on the bitcoin trade, which closes its activities in Brazil. Before, the Brazilian companies OmniTrade, Latoex and Acesso Bitcoin had also announced the end of their activities. Last year, another Brazilian bitcoin company, Bitjá, announced its closure.

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