CoinExchange Shuts down Abruptly
If you are in the Cryptocurrency Market chances are you have heard about the Exchange CoinExchange. It is a small Altcoin trading platform that kept a lot of Altcoins as Trading Pairs. A couple days back out of nowhere CoinExchange announced their shutdown and the reason they gave was due to Financial Difficulties. Now I don't know the ins and outs of how an Exchange is operated but I was under the assumption that most Exchanges are quite profitable as some charge a lot of Trading Fees but lately that thought of mine is being hindered by a lot of Exchange Shutdowns.
CoinExchange was very adamant on clearing that there was no Security Breach of any sort and they are simply closing down as the Business is not Feasible/Profitable for them. This kind of makes me worry a little as I feel like smaller exchanges are currently under a lot of pressure due to the Bear Market and a lot of them are simply shutting down to cut their costs.
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This is not good.
I remember I used to trade a lot in that exchange as they had a lot of Coins that weren't listed anywhere. It was a nice exchange and it is really sad to see this happen to them.
My smaller Thai exchange shut down too. They first had a notice saying it related to the US SEC. Then this notice was deleted and they said it was to move into other areas. I have my own idea the the us is going after places to see if they can find money from their citizens. I notice many exchanges will not opens accounts for us citizens now, but if they had any, they have a lot of hoops to jump through. Better to close then comply.
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