South African Crypto Exchange iCE3 Enters Liquidation

South African cryptocurrency exchange, iCE3 has entered into liquidation after the company found discrepancies in its Bitcoin and Litecoin balances last month.

According to an official update released on Tuesday, the exchange will not reopen its operations, which was suspended in mid-March.

“We regret to inform you that the platform will not return to operation and that we have been advised to initiate liquidation proceedings,” the notification from the exchange noted.

Additionally, the exchange disabled all withdrawals, but it is processing requests manually. According to iCE3, there are no pending withdrawal requests other than 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 and Litecoin, which it is not processing for the time being.

Audit Result Is Pending

The South African exchange initially noticed discrepancies in its Bitcoin and Litecoin balances last month. It quickly suspended deposits and trading services after the findings and also halted all Bitcoin and Litecoin withdrawals until the ‘outcome of a full investigation and reconciliation’.

“After consultation and deliberation with our partner Merkeleon.com and their subsidiary Coinspaid.com, we have not been able to reach a satisfactory conclusion,” the crypto trading venue noted earlier.

Despite the announcement of liquidation, the exchange did not provide any details on its mismatched balances. Though it highlighted that it ‘will provide further details and next steps’ on April 7. However, no fresh notification came as of press time.

iCE3 is shutting its operations at a time when other crypto exchanges are flourishing with the rising crypto prices. However, an incident like this has again highlighted the necessity of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term over such digital currency trading venues. Earlier, a Canadian crypto exchange chief died without sharing the private keys with the management, which resulted in the lock of user funds.