CoinPulse, a small Panama-based cryptocurrency exchange buckles under the pressure of the bear market. The platform recently announced that they are facing liquidity issues and will be closed for indefinite maintenance, starting from Feb 1.
Coin plus has suspended all trading operations and stopped accepting deposits. The customers can close their accounts and withdraw funds until Feb 7. The platform also provides clear instructions for what to do in case of error messages or issues and how to claim the money.
?Urgent Notice for CoinPulse Users! ?
Exchange headed for indefinite maintenance. We will have to suspend all trading and deposits from Feb 1, 2019. We will keep withdrawals open until Feb 7, 2019. Please read the article below for details. ??https://t.co/ORNfpoJZTP
— CoinPulse Exchange (@CoinPulseEx) January 31, 2019
At the time of writing, CoinPulse is the 3rd cryptocurrency exchange that has officially shut down, due to the crypto winter.
Founded in March 2017, CoinPulse is the Panama-based cryptocurrency exchange. It offers or did offered trading services for CPEX, Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Its native token, CPEX is based on ERC-20 standard and the users could use CPEX to pay transaction fees with a 70 percent discount.
What went wrong
While the bear market did play its role, the exchange was facing troubles for some time. All attempt to raise investment capital and to keep the company afloat by the owners did not reap the desired result.
For now, the platform is looking for investors, who would acquire CoinPulse with all its belongings including the website, trademark, platform, and 50 million CoinPulse Tokens (CPEX). If the exchange is able to score a willing buyer, the company might come out of hibernation, but then again, the chances of the same are pretty slim, especially in the current markets.
In January, CoinPulse token lost nearly one-third of its value in just a single day, Jan 30. Another 70 percent loss was observed in the past 30 days.
In the last seven days, three cryptocurrency exchange have bid goodbye, the third being CoinPulse. Canadian cryptocurrency exchange QuadrigaCX suspiciously went under maintenance before prior information on Jan 29 and two days later, the platform applied for creditor protection to avoid bankruptcy. Sailing in a troubled boat, the Ukrainian cryptocurrency trading platform Liqui also halted their operations due to lack of liquidity.