Altcoin Platform Coinexchange.io Closes Citing Financial Reasons

Altcoin trading platform Coinexchange.io has announced that it is shutting down due to financial difficulties, cited the closure was purely a business decision and is not connected to any security breach or other incident.

Altcoin Platform Coinexchange.io Closes Citing Financial Reasons
Altcoin Platform Coinexchange.io Closes Citing Financial Reasons

In a statement on Oct. 1, Altcoin trading platform Coinexchange.io has announced that it is shutting down due to financial difficulties citing purely a business decision and is not connected to any security breach or other incident.

Coinexchange.io is currently seeing daily traded volumes of roughly $700,000, according to CoinMarketCap, and supports more than 500 altcoins. The platform stated:

“Unfortunately it is no longer economically viable for us to continue offering market services. The costs of providing the required level of security and support now outweigh our earnings.”

Trading and deposits on Coinexchange.io will be suspended on Oct. 15. Traders are being urged to halt any activity as soon as possible. The website and withdrawals will remain operational until Dec. 1, the deadline by which users are being asked to remove all remaining funds.