After so many controversies in recent times, popular cryptocurrency exchange, CryptoBridge has announced that it will be shutting down. While making the announcement to customers, the exchange blamed a number of factors for its decision including poor market conditions, increased regulatory restrictions, and its inability to fund further development.
Customers have until December 15, 2019 to withdraw their funds. The exchange has announced that it will terminate all its services and services after December 15 23:59 GMT.
There is also a plot twist to CryptoBridge’s exit from the exchange market. As at press time, the exchange had deleted its official Twitter and Discord account as well as its official read-only Telegram channel had not been updated in almost 2 weeks. This suggests that customers may not be able to access any form of support if there are any issues during withdrawals. Furthermore, CryptoBridge has announced that KYC is required before users can withdraw their funds, further raising eyebrows. Users have been advised to start the KYC process early since it could take a couple of days before they are verified.
In October, the exchange enforced a compulsory KYC requirement which raised a lot of backlash from the cryptocurrency community. In November, the exchange went further to delist over 150 cryptocurrencies for lack of development and trading volume. Now, in December, the exchange is shutting down.
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