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Brazilian crypto exchange XDEX announces full closure due to reduced opportunities

Sat, 04 Apr 2020, 07:29 am UTC

Brazilian crypto exchange XDEX announced its full closure on its blog on March 31.

In an open letter addressed to its customers, XDEX looked back at the 17 months it had been operating to promote and facilitate access to the cryptocurrency investment market in Brazil. It worked hard to bring the best service and best trading platform to its customers with solidarity and security.

After over a year of operation, the crypto exchange had to make a difficult decision of shutting down due to the environment and external factors that influenced the direction of its business. It also mentioned the “reduced opportunities“ in the crypto market.

“Entrepreneurship is and has always been a great challenge, especially within an unregulated market. But to undertake is also to know the time to stop,” XDEX wrote.

“For this reason, today we announce that XDEX is starting the process of closing its activities. The market projection, competition and the few regulatory advances reduced the opportunities found at the beginning of the project and were the basis for this difficult decision taken by the company.”

XDEX promised to comply with its contractual obligations based on the terms stipulated in the XDEX Terms and Conditions of Use and Services. The exchange encouraged its clients to close their positions and withdraw their balances in reais in the next 30 days from the announcement.

For those who make withdrawal release, the funds will be sent to the bank account registered with XDEX within one business day. If the customer fails to sell the assets after the 30-day period, XDEX will do it on behalf of the customer and the amount obtained from the sale will be deposited in the bank account registered with XDEX within 3 business days.

XDEX’s official service channels will be available from Monday to Friday, from 9 a.m. to 6 p.m. through its website, web platform, application and telephone.

“We thank you for your trust and your time with us,” the XDEX team concluded its message.

In February, Hong Kong-based blockchain remittance startup Bitspark also announced that it would terminate its services. According to the team, its internal restructuring didn’t work out. South Korean crypto wallet Bitberry also announced that it would shut down due to the “uncertainty of the blockchain industry.”

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