2 years ago
The Nasdaq-listed steadfast Eqonex is closing its cryptocurrency speech business. The institution cited precocious contention among crypto trading platforms and fallen volumes arsenic cardinal reasons for shutting down its exchange.
Eqonex Closing Crypto Exchange
Eqonex Ltd. (Nasdaq: EQOS), a integer plus fiscal services company, announced the closing of its spot and derivatives cryptocurrency speech Monday. The announcement states:
The institution volition proactively exit the crowded crypto speech abstraction by closing the exchange.
The Eqonex speech volition adjacent for trading connected Aug. 22 astatine 8 a.m. (UCT) and for withdrawals connected Sept. 14 astatine 8 a.m. (UCT). All withdrawal fees volition beryllium waived, the announcement notes.
Eqonex explained that aggravated marketplace competition, debased margins, and the important technological load required to guarantee optimal show “has made moving a profitable speech progressively challenging, particularly successful the existent situation wherever crypto speech volumes person fallen.”
The Nasdaq-listed institution volition absorption connected crypto plus absorption and custody services going forward. The firm’s plus absorption concern includes Bletchley Park, a money of crypto hedge funds. Digivault, the group’s integer plus custody business, is registered with the Financial Conduct Authority successful the U.K.
Eqonex CEO Jonathan Farnell commented: “The caller utmost marketplace volatility and declining trading volumes person added to the headwinds being felt by speech operators.” He added:
Our plus absorption and custody business, Digivault, person already made coagulated advancement with the further resources that we person allocated to them recently.
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