CoinExchange.io may not be the most popular cryptocurrency exchange out there, but it did enjoy good reputation among its users. Unfortunately, its board of directors have decided to close the exchange.
Trading and deposits will continue till 15th October 2019, but it is suggested that you do not do any more deposits. Trading is also discouraged but won’t seize till aforementioned date.
Withdrawals on CoinExchange will remain open till 1st December 2019 but after that, all funds will be made inaccessible and trading page will go offline.
So what is the reason for the CoinExchange closedown? The website says that it was not economically viable for CoinExchange to continue offer market services to its users. Costs of providing high security and support outweigh their earnings.
Coin Exchange has also made it clear that there has been no security breach or any other type of incident.
If you have funds on CoinExchange, we urge you to do the withdrawals as soon as possible.
CoinExchange has hinted that it may return in the future if market conditions change. A lot of exchanges have closed down either due to security breaches or crypto bear market. Nanex exchange closed in April 2019. Many others lost a lot of traffic due to compulsory KYC. This includes CEX.io exchange, Binance, TopBTC and so on.
T lives in San Diego and is editor in chief of CryptoCoinDaddy.com. He got into cryptocurrency four years ago and has never looked back. He is 90% crypto,