Cryptocurrency Exchange CryptoBridge Closing Operations, Citing ‘Increasing Regulation’

U.S.-headquartered decentralized crypto exchange CryptoBridge is shutting down, citing a few reasons, including “increasing regulations.” 

A notice on the exchange’s site peruses that the “difficult” choice has been taken because of “market conditions, increasing regulation, inability to fund further development and maintain operations.”

CryptoBridge had about 320,000 visitors in October, with most from Russia and Bulgaria, as indicated by web analytics company SimilarWeb. The exchange stated its vision was to offer a door to decentralized crypto trading and “did everything” in its influence to spare the ship from sinking but couldn’t succeed.

All deposits are shutting December 3 and withdrawals on December 15, stated CryptoBridge, adding that all clients need to withdraw their funds.

The exchange additionally said that all its web-based social media accounts would be shut. However, a Twitter account seems to be imitating CryptoBridge, saying: “We are only temporarily shutting down. We will be opening a new and improved exchange.”