Coinexchange.io Shuts Down, Bows to Market Pressure
Coinexchange.io has announced that it will be closing shop because running the exchange is no longer profitable. The team made the announcement today, October 1, emphasizing that the move to close the exchange is purely a business decision and is not because of a security breach or incident. They said:
It is with great regret that we must inform the community that the board of directors of CoinExchange.io has decided to close down the exchange… 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.
The exchange will be suspending trading and deposits from October 15, 2019, as part of its winding down efforts. Users are advised to stop all forms of trade or deposits as soon as possible.
Whilst trading and deposits will be suspended on October 15, users have until December 1, 2019, to withdraw their funds.
As at press time, Coinexchange.io was ranked 144 on Coinmarketcap’s list of exchanges. Although some users may not be happy about its exit, the exchange stated that it may return if market conditions improve.