Altcoin trading platform, CoinExchange, has announced that it will shut down this month over financial difficulties.
According to it’s web platform, the exchange wasn’t shutting down because of a security breach or any other security issue, but because the cost of keeping the platform running outweighed its earnings. The exchange stated:
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.
Available data has it that the cryptocurrency exchange is trading an average of $700,000 a day across 500 trading pairs, many of which include little-known altcoins with low trading volumes.
CoinExchange trading and deposits will be suspended on October 15th. The exchange’s website will remain operational until December 1 so users have time to withdraw their funds.
The platform stated that CoinExchange “may return in the future if market conditions change.”