A post published on the exchange’s website yesterday states that the decision to shut up shop was purely business-related and not the result of a “security breach or any other type of incident.”
Unfortunately it is no longer economically viable for us to continue offering market services, the platform said. The costs of providing the required level of security and support now outweigh our earnings.
As a result of its decision, trading and deposits will cease on October 15. The website and withdrawals will remain in operation until December 1, 2019. However, CoinExchange has asked that its users remove all funds by this date. With market conditions as they currently are, the company said that it will return in the future if the industry improves.
It has been a fantastic journey and we have enjoyed playing a part in the crypto currency space, it added.
More recently Thailand’s regulated BX crypto exchange announced that it was discontinuing its digital asset services at the end of September. According to a report, the platform offered little explanation for its decision to stop operating, other than it was “focusing on other business opportunities.”