Kevin

Bitcoin

Read

Txbit, a cryptocurrency platform, has announced its closure on September 14, 2023, due to increasing regulatory challenges and market pressures. 
In an <a href="https://txbit.medium.com/the-txbit-journey-ends-here-txbit-will-be-closing-down-on-september-14th-2023-4c546ddb8f8f" data-type="link" data-id="https://txbit.medium.com/the-txbit-journey-ends-here-txbit-will-be-closing-down-on-september-14th-2023-4c546ddb8f8f" target="_blank" rel="noopener noreferrer nofollow">announcement</a> on Monday, Aug. 14, a Netherlands-based&nbsp;cryptocurrency exchange Txbit revealed it is ceasing operations by Sep. 14, 2023. 
The fundamental reason behind Txbit’s shutdown is the <a href="https://crypto.news/regulatory-hurdles-and-market-volatility-worry-crypto-investors/" data-type="link" data-id="https://crypto.news/regulatory-hurdles-and-market-volatility-worry-crypto-investors/" rel="noopener noreferrer nofollow">volatile nature</a> of the crypto market, compounded by increasing regulatory uncertainties globally, the company said. “We began our journey with a distinct vision, but regrettably, the current environment prevents us from continuing,” the official website states. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 It has been a difficult decision, and with heavy hearts and tears, we announce the closure of Txbit’s services on September 14th, 2023. We kindly ask all our customers to withdraw their funds before 12:00 PM UTC on September 14th, 2023.<a href="https://t.co/JKxrG9PiQv" target="_blank" rel="noopener noreferrer nofollow">https://t.co/JKxrG9PiQv</a> <a href="https://t.co/MVWm8UPtZQ" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/MVWm8UPtZQ</a>— txbit.io (@txbit_io) <a href="https://twitter.com/txbit_io/status/1691048165804290048?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 14, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
This state of flux has resulted in skyrocketing compliance costs for platforms like Txbit. Such financial pressure, combined with shrinking profit margins, has made their ongoing operations unsustainable. 
 You might also like: <a href="https://crypto.news/kevin-oleary-says-more-crypto-exchanges-will-fail/" rel="noopener noreferrer nofollow"> Kevin O’Leary says more crypto exchanges will fail </a> 
To ensure a smooth transition, Txbit has scheduled an offline period on Aug. 14 for about an hour, during which all active orders will be canceled. After this, the platform will deactivate its trading function, focusing solely on allowing users to withdraw their funds. The company underscores the importance of withdrawing before the final deadline of 12:00 PM UTC on Sept. 14, post which retrievals will become impossible. 
While the decision has sparked concerns about Txbit’s native token, the company has taken definitive steps. A staggering 95.65% of the non-circulated Txbit tokens will be burned in the immediate future. 
Further, for certain coins, Txbit introduced wrapped token contracts. The company plans to liaise with the developers associated with these projects to ensure a seamless transition of wrapped tokens and their associated contracts. 
The closure of Txbit serves as a poignant reminder of the challenges that cryptocurrency platforms face in a world where digital currencies are still finding their footing. 
 Read more: <a href="https://crypto.news/bitcoin-will-find-its-real-price-if-major-crypto-exchanges-fail-investor-says/" rel="noopener noreferrer nofollow"> Bitcoin will find its real price if major crypto exchanges fail, investor says </a>

Crypto exchange Txbit shuts down due to market conditions

crypto.news

Other articles published on Aug 14, 2023

Ethereum-Based BTCX Token Raises $1.5M to Build the World’s First Bitcoin Xin Blockchain

How to Protect Yourself from Crypto Pumps and Dumps

This scenario could spark Gary Gensler’s resignation: Former SEC official

CoinDesk lays off over 40% of editorial staff to ‘ensure a financially sound business’ ahead of sale

Ripple News: XRP Price Forms Golden Cross: Is ATH on Cards?

Ethereum Price Calm Before The Storm – Time To Buy?

Join our free newsletter for daily crypto updates!