The Brazilian cryptocurrency exchange XDEX, owned by the largest brokerage company in Latin America XP Investimentos, announced the closure.
As reported by the management of XDEX, such a difficult decision was made due to disappointing market forecasts, high competition and slow development of regulation of the cryptocurrency industry.
Within 30 days, exchange users must close their positions and withdraw funds from their balance in full. When making a withdrawal request, funds will be sent to the client’s Bank account specified on XDEX within one business day. If the user does not sell their crypto assets within a month, the exchange will do it independently on their behalf, and then transfer the money received to the specified Bank account within three business days.
XDEX promises to fulfill all contractual obligations to customers in accordance with the terms of service provided by XDEX. Recall that the platform was launched in 2018 and functioned separately from the traditional brokerage business XP Investimentos, supporting BTC and ETH trading.
Last month, the Italian cryptocurrency exchange Altsbit announced its closure, having suffered about $70,000 in damage as a result of a hacker attack. In addition, in January, the GO.Exchange platform became unavailable for trading, which was also forced to “leave the battlefield” due to the stricter requirements and uncertainties of cryptocurrency regulation.