The altcoin trading platform, Coinexchange.io to shutdown due to financial difficulties.
“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.”Coinexchange.io
According to CoinMarketCap, Coinexchange.io is currently seeing daily traded volumes of roughly $700,000 while supporting more than 500 altcoins.
From Oct 15th onwards, trading and deposits will be suspended from the trading platform. Traders are being notified to halt any trading activities as soon as possible.
Until December 1st, the website will remain operational. However, by then users will have to remove all their remaining funds.
The exchange clarified that it might make a comeback if market conditions change.
A Malta-based platform launched by major South Korean exchange Coinone- Coinone Global Exchange too closed down in mid-September.
On the other hand, Thai crypto exchange Bitcoin Co. Ltd announced in September that it would halt all its trading operations and will not be seeking for Digital Asset Exchange License in 2020 from regulators.