Cryptobridge, a decentralised exchange operating globally, has announced that it is shutting down in a blog post. The exchange has cited several factors including lack of funds as reasons for closing down.
Several Factors to Blame For Closure
In the blog post, the exchange has mentioned several factors that have forced it to shut down its operations. They include market conditions, increasing regulations and lack of funds to keep operating and conducting further developments. The blog post says –
“We put in a lot of hard work and did everything in our power to make the outcome different, but market conditions, increasing regulation, inability to fund further development and maintain operations forced us to make a difficult decision:
With great regret, we’re announcing that CryptoBridge is shutting down.”
It is worth noting that at the time of writing this article, the exchange has a 24-hour trading volume of $204,181. Cryptobridge’s trading volume has declined considerably within the last 1 year. The platform’s trading volume usually kept above $500,000 in H1 2019, peaking to $2,532,665 on March 18. Even in July, the exchange enjoyed a few days where its trading volume recorded over $1,000,000.
However, from August, the trading volume has remained below $500,000 except for on a few days. In Q3 2019, the volume shot up above the $500,000 mark on October 4, but it has been below $300,000 since then.
Dates and Procedures For Withdrawal of Funds
The exchange will terminate all servers and services after the 15th of December, 2019. Also, users will not be able to deposit any funds after the 3rd of December, 2019.
To withdraw their funds, users will have to perform user verification, which, according to the blog post, is required by EU law. The exchange has also recommended that the users start the process as early as possible because the verification can take a few days. Furthermore, the exchange is closing all its social media accounts, and has asked users to use the wallet internal support system in case of any issues.
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All things Blockchain & Crypto. 3 years for writing for Crypto Publications, ICOs and Blockchain cos. Book Junkie. Travel Freak. Food rules my mood. Enough said. Follow me on twitter @vinniesingh7 or mail me at vinnie[at]squadx.io