The cryptocurrency exchange CoinExchange has just announced they will be closing down soon.
CoinExchange was an altcoin exchange notable for having a lot of trading pairs, around 542 verified pairs according to CMC. The exchange had a pretty low volume with only $6 million reported volume in the last 30 days, again, according to CMC. CoinExchange used to hold coin listing voting polls where users had the ability to vote for the coin they wanted to see listed.
CoinExchange had BTC, DOGE, ETH, LTC, and USDT trading pairs and a flat fee of 0.15% for all buy or sell orders of any trading pairs.
The team of CoinExchange has announced earlier today that the board of directors of the exchange has decided to close down and that it was purely a business decision, assuring users there hasn’t been any kind of security breach or any other incident affecting user’s balances. The announcement states that it was simply impossible to keep running the exchange in an economically viable way as the costs of providing the required security was far higher than the earnings.
Trading and deposits will be suspended on October 15th but users will have until December 1st to withdraw their assets. The team of CoinExchange is urging users to cease their trading activity as soon as possible.
It has been a fantastic journey and we have enjoyed playing a part in the cryptocurrency space. We thank everyone that has traded or listed a currency with us.