Altcoin Platform Coinexchange.io Shuts Down Due to Financial Difficulties

Altcoin trading platform Coinexchange.io has revealed that it is closing because of financial difficulties. 

In an announcement on October 1, the platform underscored that the closure was simply a business choice and isn’t associated with any security breach or other reasons.

Coinexchange.io is presently witnessing daily traded volumes of around $700,000, as per CoinMarketCap, and supports over 500 altcoins. The platform expressed:

“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.”

Trading and deposits on Coinexchange.io will be halted on October 15. Traders are being encouraged to stop any transaction as soon as possible.

The site and withdrawals will stay operational until December 1, the cutoff time by which clients are being approached to remove every outstanding fund.

Coinexchange.io has said that it might return later on should market situations change.

As previously reported, Coinone Global Exchange, a Malta-based platform established by major South Korean exchange Coinone, shut down its services in mid-September.

Also in September, Thailand’s leading digital currency exchange Bitcoin Co. Ltd revealed that it would not be looking to hold a Digital Asset Exchange permit from securities regulators in 2020 and would thus end all trading operations.