According to an announcement posted on its official website, popular altcoin trading service CoinExchange.io, has announced that it will be shutting down its service for financial reasons. The announcement states that the company is no longer able to continue operating as it already runs at a loss.

“Unfortunately it is no longer economically viable for us to continue offering market services. The costs of providing the required level of security and support now outweigh our earnings.”

CoinExchange.io however wants to make it clear that the reason for the shutdown, as decided by its board of directors, is strictly economic and has nothing to do with competence or security.

“This is purely a business decision and there has not been a security breach or any other type of incident.”

The announcement further states that all activity regarding trading and deposits will cease on Tuesday the 15th of October and after that, the platform will only be available for withdrawals. These withdrawals will however only have a timeframe which will expire on Sunday the 1st of December. The platform asks that all users withdraw their funds latest by the date.

Reactions to the announcement have poured in on Twitter, as the company also sent out a tweet, announcing its decision. Most of the reactions expressed sympathy and blamed the market situation for the firm’s failure. The firm however hopes to return in the future.

“So sadly, it is goodbye for now. However, we may return in the future if market conditions change.”

Coinexchange.io now another entrant on the list of crypto exchanges that have shutdown this year.

Image Credits: Pixabay

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