Cryptocurrency exchanges are very important to the industry as they are the means by which cryptocurrency can be bought and is sold. Crypto exchanges are usually indicative of the fortunes of the industry in general as a good state of the industry would likely imply more exchanges popping up and high transaction volumes across the ones already in existence and a poor state of the industry will see exchanges closing down and a low transaction volume across-the-board. Exchanges are also significantly affected by whatever decisions are made with regards to cryptocurrency regulations.
Unfortunately, it seems CryptoBridge, a decentralized crypto exchange, will be closing its doors from December 15, 2019, following an official announcement.
According to the official announcement, all the exchange’s services will cease operation after December 15, 2019, and as such, users advised to withdraw all their funds from the exchange before this date as it will be impossible afterward. However, deposits will not be accepted by the exchange after December 3, 2019.
“Please note that user verification is required by EU law for all withdrawals. We highly recommend that you start the process as early as possible as verification can take a few days,” the announcement said.
According to the announcement, some of the reasons the exchange will be closing down are due to regulations, current market conditions and a general lack of funds. Their official Twitter handle has also gone off-line but the new one has sprung up which is spreading information which is conflicting with the official announcement by stating about the shut down is merely temporary and not a permanent one.
“I’m proud to announce CryptoBridge’s termination is not the end! We will be moving our headquarters to Denmark! We will have a new site up and running so stay tuned!” The twitter account says.
However, CryptoBridge has been quick to refute these rumors and have stated categorically that any of such information floating around the Internet is false.
“Our social media channels are closed, all accounts on Twitter that are pretending to be representing CryptoBridge are fake. We are not planning a comeback at the moment,” an announcement on their website says.