• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
XRP developer closes second project in one month
Nexo

CoinExchange.io Shuts Its Doors, Bear Market Claims Another Victim

Rebecca Campbell by Rebecca Campbell
3 years ago
in News, News teaser
0

Altcoin trading platform CoinExchange.io has announced it’s shutting its doors due to financial issues. It will remain operational until December 1, 2019.


Costs Outweigh Earnings

A post published on the exchange’s website yesterday states that the decision to shut up shop was purely business-related and not the result of a “security breach or any other type of incident.”

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Unfortunately it is no longer economically viable for us to continue offering market services, the platform said. The costs of providing the required level of security and support now outweigh our earnings.

As a result of its decision, trading and deposits will cease on October 15. The website and withdrawals will remain in operation until December 1, 2019. However, CoinExchange has asked that its users remove all funds by this date. With market conditions as they currently are, the company said that it will return in the future if the industry improves.

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

Posting an announcement on its Twitter page regarding its decision, many spoke of the positive experience they had with it.

We regret to inform our community that https://t.co/9Rg5khUo5M is closing down. For full details please read the following announcement https://t.co/ilvDdYuBfP

— CoinExchange.io (@coinexchange_io) October 1, 2019

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Twitter user Turbo simply said that the bear market had claimed another victim. Another said it was a shame the platform was leaving.

Crypto Exchange Closures

The decision by CoinExchange to shut its doors is the latest in a long line of previous closures this year.

In June, Indian crypto exchange Koinex revealed that it was ceasing operations due to regulatory pressure. This followed on from an announcement in May that Coinome, another Indian crypto platform, was halting operations as a result of regulatory uncertainty in the country.

The decision by both came amid a government proposal to introduce a 10-year jail sentence on Indian citizens using cryptocurrency.

Elsewhere, in July, Polish crypto exchange Bitmarket shut down with little warning to users. A short message on its website simply stated that due to a “loss of liquidity” it was ceasing operations.

More recently Thailand’s regulated BX crypto exchange announced that it was discontinuing its digital asset services at the end of September. According to a report, the platform offered little explanation for its decision to stop operating, other than it was “focusing on other business opportunities.”

What do you think of CoinExchange’s business decision to close its doors? Do you think it will return if market conditions improve? Let us know your thoughts in the comments below.


Images via Shutterstock, Twitter @CoinExchange.io

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Rebecca Campbell

Rebecca Campbell

Related Posts

Portugal

Portugal Stance On Taxes – Crypto Haven No More?

10 hours ago
US Justice

US Justice Department Executes First Criminal Crypto Charge

15 hours ago
Terra

Terra Flaw: Ethereum Creator And Binance CEO Slam Terra Via Twitter

17 hours ago
Twitter Shares Shed 20% As Elon Musk Says $44 Billion Takeover Deal Postponed

Twitter Shares Shed 20% As Elon Musk Says $44 Billion Takeover Deal Postponed

4 days ago
LUNA

Will Terra LUNA Go Extinct After Being Delisted By Binance, Bybit And eToro?

5 days ago
Robinhood

Robinhood Shares Rally 20% After FTX Founder Sam Bankman-Fried Acquires 7.6% Stake

5 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.