Coinexchange.io to Cease Crypto Trading Services This Month

Altcoin specific exchange Coinexchange.io will shut services on its platform due to financial difficulties, the company announced on Tuesday.

The exchange emphasized that the decision was driven by difficulties in business, and there was no breach in its securities.

“This is purely a business decision and there has not been a security breach or any other type of incident,” the exchange stated. “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.”

Though both trading services and deposits will be suspended on October 15, the exchange urged its clients to “cease any deposit and trade activity as soon as possible.”

The exchange also detailed that it will allow withdrawals of funds till December 1.

Currently, Coinexchange.io has around 550 markets and, according to Coinmarketcap.com, handled almost half-a-million worth of crypto trades in the last 24 hours.

The news of the closure of the exchange has also impacted the market as it created a rush among traders to dump many Altcoins Altcoins Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception, countless cryptos have been launched. Many of these have met varying levels of success, though few have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There are currently over 5,000 altcoins and this number seems to grow constantly. The leading altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins c Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception, countless cryptos have been launched. Many of these have met varying levels of success, though few have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There are currently over 5,000 altcoins and this number seems to grow constantly. The leading altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins c Read this Term.

Fucking hell.

CoinExchange exit dump. Insane. pic.twitter.com/ddDgtJ1sXM — David [scotch maximalist] (@bearishbulltard) October 1, 2019

Impact of crypto-winter and unclear regulations on exchanges

Though Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term recently showed some bullish signs, the markets for altcoins are still struggling. Most recently, Bitcoin Co., Thailand's leading crypto exchange, shut its services without citing any specific reason behind the move.

In August, South Korean crypto exchange Coinone also decided to shut its Malta-based subsidiary following the termination of crypto trading by Bitmarket, a Polish digital asset exchange, just a month earlier.

However, the biggest blow came from the Indian crypto market this year as three crypto exchanges operating in the country ceased their services mostly because of the unclear regulations and hostility towards the sector.