NASDAQ based cryptocurrency exchange announces closure due to economic issues

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A majority of cryptocurrency companies have tried to maintain a certain level of standard in providing services, but in the dog eat dog industry, many struggle to find a sure-foot holding. That pattern is something that was represented by the recent closure of popular cryptocurrency exchange, DX.Exchange.

The company, which was based in Estonia, has claimed that the shut down was a unanimous decision taken by the board of directors. An official statement from the organization read:

“As of today, we are not allowing any more deposits on the exchange and trading will be suspended. All open orders will be cancelled t 12:00 GMT today [November 4th]. All SLT will be closed at the last traded price at 12:00 GMT.”

The company also stated that the steps taken are the best opportunity for DX.Exchange to achieve success for its shareholders and also make a move in the competitive industry. DX further added that there are considerations to look for a merger or a complete sale of the company, but in the case neither happens, a closure will be the next immediate step. Another reason revealed by DX for the sudden change in plans was:

“The costs of providing the required level of security, support and technology is not economically feasible on our own.”

They have also assured users that all the user funds are safe and that the company will be returning all of it to its respective holders before a sale/merger can take place. DX has advised users that they will need to use the same government ID that they used to open the account to withdraw their funds. The company closed off the announcement circular by saying:

“Your withdrawal will be processed as soon as possible, and your withdrawal request must be submitted by November 15th, 2019 or the withdrawal process could be disrupted. Once a merger/sell is complete, you will be notified when trading and deposits will open again. The board appreciates your continued support and understanding in these difficult times and looks forward to the long-term success for DX.Exchange.”

DX had opened to a massive furor last year when the organization went all out in promoting the NASDAQ  based cryptocurrency exchange. Daniel Skowronski, the Chief Executive Officer of DX, had revealed that brand name, technology, and regulations would set the exchange apart. In his words:

“We created a one-stop-shop for exchanging fiat and crypto, holding coins and as well as wallet services.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Akash Anand: I am an engineering graduate with a leaning towards content and hard-hitting journalism. The aim has always been to gather the latest happenings in crypto and present it to the world.