Cryptocurrency exchange CoinExchange.io is shutting down. The company doesn’t provide a clear reason, but mentions it’s ‘purely a business decision’. Starting from October 15th trading and deposits will be suspended. Cryptocurrency investors can withdraw their funds until the 1st of December 2019. The company announced this on their blog.
The exchange first launched in 2016 and gained traction in the beginning of 2017. The platform was known to support new projects to get their product listed, and the exchange has a big offering of assets. Coinexchange.io shutting down is a blow to young projects that wanted cheap and easy listing on an exchange.
In the past 24 hours CoinExchange did approximately 700 thousand dollars in trading volume. This is quite low. For example, the number 100 on CoinMarketCap’s exchange rankings still does 7.4 million dollars in daily volume.
Its unknown who the people behind CoinExchange.io are. The Terms & Conditions on the website refer to the court of New South Wales, which would imply this is an Australian exchange. WhoisGuard registered the domain name. This organization keeps the identity of the website owners private.
Not the first victim of the crypto winter
Even though the true crypto winter might be behind us, there are still companies and projects struggling to make profit or drive revenue. CryptoExchange.io is therefore not the first victim of the crypto winter. Cryptopia decided to close down after hackers stole millions of dollar worth of crypto. Companies like Blockfolio, Consensys, Bitmain, Huobi, Shapeshift are just a sample of the list that had to fire hundreds of employees to stay afloat amidst the dark days of late 2018.
Also published on Medium.