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Estonian cryptocurrency exchange DX.Exchange has halted its operations as it is not able to bear the high costs involved in running its platform.
Founded in 2018, the exchange went live early this year, creating quite a stir as it allowed investors to trade crypto tokens representing shares of major firms such as Apple, Microsoft, Facebook, Tesla, Netflix, and others.
However, in an online post dated November 03, DX.Exchange announced its board of directors has decided to temporarily close the exchange as it pursues “a merger or outright sell of the company.”
“The costs of providing the required level of security, support and technology is not economically feasible on our own,” it added.
DX.Exchange went on to add that if a merger or sell is not completed in a timely matter then the platform may not resume operations and take appropriate action. It has suspended all trading activities and is not allowing any more deposits on the exchange.
It has asked customers to submit their withdrawal requests by November 15, adding, “Once a merger/sell is complete, you will be notified when trading and deposits will open again.”
Last month, cryptocurrency exchange Poloniex announced that it has spun out of Circle, which acquired it in early 2018, into a new company. Circle said, “The Poloniex team and leadership are spinning out from Circle into a new independent international company, Polo Digital Assets, Ltd. Backed by an Asian investment group, the spin-out will bring significant resources and freedom to deliver the product features and marketing strategies needed to be competitive.”
