Crypto Exchagne Txbit Announces Closure Amidst Market Challenges

blockchain.news:

On September 14th, 2023, the cryptocurrency exchange Txbit will officially cease its operations, as confirmed by an announcement on the platform's Medium page. This decision comes in light of significant market shifts and regulatory challenges that have impacted the crypto industry.

Reasons for the Shutdown

The primary reasons cited for the closure include «adverse market shifts, tightening regulations, and ambiguity about the legal status of cryptocurrencies in various countries.» The platform highlighted the increasing compliance costs and the pressure on product margins as factors that made their continued operation unsustainable. The statement reads, «In an environment where compliance costs are rising, and our product margins constantly face pressure, continuing as before has become untenable for us.»

Key Dates and Information for Users

On August 14, 2023, Txbit will undergo an offline period of approximately one hour to cancel all open orders and disable the trading feature. After this, the platform will be back online, and users can initiate withdrawals.

The platform will stay online until 12:00 PM UTC on September 14th, 2023. It's recommended that users retrieve their funds prior to this cut-off. Funds left on the platform post this date cannot be recovered.

Due to the expected surge in withdrawal requests, there might be slight delays in processing. This could also affect the KYC process and the handling of support tickets. Txbit assures its users that they are committed to processing all requests as swiftly as possible.

Txbit Token and Wrapped Tokens

Txbit has also addressed the future of its native token. A significant portion, specifically 1,510,406,151.2992582 Txbit tokens, which constitutes