In an unexpected turn of events CoinExchange has informed its customers that it is shutting down. The exchange posted a message on its website yesterday, informing investors of the news.
The company has informed that trading and deposits will be suspended on the 15th of October 2019 and website and withdrawals will remain operational until the 1st of December 2019, until when customers are asked to withdraw their funds.
The company said that: “unfortunately it is no longer economically viable for us to continue offering market services”. This may, unfortunately, be the start of a growing trend as regulatory and legal fees for offering digital assets in certain developed countries continue to grow. Likewise, the time to market for certain coins and contracts looks to be impacting exchanges as well.
While this process of tightening regulations and rules is to be expected, it is unfortunate that such changes are having a negative impact on the commercial viability of major exchanges.