- The company will cease operations on September 14.
- Till then, all clients can withdraw their funds.
- The exchange cited unfavorable changes in the market as the reason for this decision.
- By this news, the TXBIT token has fallen about 81% overnight.
Dutch cryptocurrency exchange Txbit is ceasing operations. The company said the unclear legal status of cryptocurrencies in different countries and negative market changes make further operation of the platform impossible.
“We started our journey with a clear concept, but the current conditions do not allow us to continue it,” the exchange said in a statement.
Access to the exchange’s website will remain open until September 14 at 12:00 UTC. In a statement, Txbit asked customers to withdraw their funds before then. Any assets that remain on the platform after that date will be non-refundable.
The company also said it plans to destroy the balance of TXBIT coins that are not in circulation within the next few days. In total, about 1.5 billion tokens will be burned, representing 95.6559% of the total volume. In the future, the TXBIT token could be traded on the decentralized exchange Pancakeswap.
As of this writing, TXBIT is trading at $0.0046, the coin has lost approximately 81% in value over the past 24 hours, according to Coinmarketcap.
Remember, cryptocurrency payment platform Wyre announced its closure in June.