Altcoin trading platform CoinExchange has confirmed that it is closing its doors soon, according to a notice posted on their official website on October 1, 2019.
The hardships of the exchange may come from financial constraints based on the ongoing struggle to stay afloat in terms of popularity and acceptance among its target audience, which would prefer giants like Binance. Coinbase, Bitfinex, Kraken and Bittrex.
The announcement confirmed the stock exchange’s decision to close its doors, convincing customers to complete all withdrawals by December 1 on 2019. According to the notification, the management of the exchange came to the conclusion of the closure, and the reason is not safe.
Part of the announcement reads:
“This is a purely business decision and there have been no security breaches or any other incidents. 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 revenues. "
CoinExchange Last day of work
Based on this announcement, the company has selected October 15, 2019 as the deadline for trading on its platform, investments and deposits. The exchange now encourages all of its users to immediately cease all their trading and investment activities on the platform. However, withdrawals will continue until December 1, 2019. Until that time, the site will remain active.
CoinExchange faced serious financial problems, which, according to the report, ended in closure. The company offered many services for altcoin, but failed to give it the level of popularity and acceptance it needed as its activities were confused with uncertainty. The market situation exacerbated the situation as altcoins faced market volatility as the exchange's costs outweighed its earnings.
However, even if the exchange ceases to operate, it assured that in the event of a change in the market situation, it will certainly return to the offer of market services.