European cryptocurrency exchange Yacuna has announced it will close next month.

The firm shared the news with customers via email this afternoon, asking them to withdraw any remaining funds before 15th November.

Its email – from support@yacuna.com – read:

“Bitcoin is a wonderful technology and we are proud, that we have developed one of the first European exchanges for virtual currency. But everything comes to an end.”

The company said it will manually batch and process customer withdrawals. “Please understand that this process may take some time until completed,” it added.

About Yacuna

The UK-based exchange, founded by ClickandBuy veteran Andrei Martchouk, offered bitcoin, litecoin, ultracoin and dogecoin trading for users across Europe.

It had waived all trading and withdrawal fees in February – framing the move as a bid to boost the ecosystem.

Executive director and chief compliance officer Mark Caruso told CoinDesk:

“We offered the service for free since we believe in the disruptive potential of blockchain technology. However, the lack of significant volume and a growth rate that remained below expectations led to the decision of shutting down the service.”

While the company has been quiet on social media of late, its email hints the team may move on to other projects in the bitcoin space:

“We hope that you will continue to be an integral part of the bitcoin community and support us in our future projects,” it reads.

Trading volume

European marketplaces such as Yacuna and CoinFloor face stiff competition from well-funded rivals in China and the US – who are now seeking to expand in the region.

Coinbase has rolled out its service to 28 countries across Europe, adding an ‘instant buy’ feature for all but two earlier this month.

Circle – backed to the tune of $76m – has also announced its intention to open a UK base for a European roll out.

Additionally, GBP and EUR trades are still dwarfed by those in CNY. According to data from Bitcoinity, yesterday the currency accounted for 84% of all daily trading volume, while trades in GBP and EUR came to less than 3%.

Closed image via Shutterstock