Altcoin News: Shady CoinExchange.io Is Closing Down

October 1, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Today, there are many websites offering cryptocurrency exchange services in response to growing demand but recently more and more of them close its doors for traders.

The CoinExchange exchange, which unlike many competitors, did not offer the possibility of replenishing and withdrawing fiat, working with credit cards and other methods of working with traditional means of payment, today announced that exchange is closing down.

“It is with great regret that we must inform the community that the board of directors of CoinExchange.io has decided to close down the exchange. This is purely a business decision and there has not been a security breach or any other type of incident. 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,” the publications says.

The website and withdrawals will remain operational until the 1st of December 2019.

It is well known that is hard to find out where the exchange is located. Even the “ About Us ” section does not offer any details about them. That means the platform does not have a physical address in any country.

For potential traders, this is a serious signal, since the lack of information about the location and jurisdiction of the company may mean that this is a fraudulent project.

We tried to find more information on the internet, but there is nothing there. And at the same time, the company refuses to share any information about itself with traders.

There is a high probability that the exchange is not regulated by anyone at all and is not the property of legal organizations.

However, we may be wrong. But CoinExchange is shutting down.

Author: Marko Vidrih