In a major announcement, decentralized exchange CryptoBridge has said that it plans to shut down its operations. The exchange has highlighted various reasons that also included a deficiency of funds for winding up operations. It made the big announcement through a blog post.
In the blog post, various factors have been listed behind this sudden move. These factors include surging regulations, funds deficiency to stay afloat, and carrying out necessary developments, adverse market conditions among others.
Earlier, the exchange witnessed a meager volume of less than $75,000 in the 24 hours period. It seems to be yet another target of the lengthy crypto winter that saw several cryptocurrency-related businesses coming to an abrupt end, according to the blog post.
CryptoBridge made an unsuccessful effort to establish a gateway to decentralized cryptocurrency trading. But, it lagged behind. As of now, the exchange has decided to shut down, and it has also closed all its social media accounts as well. The decision to wind up the operations was made public earlier in the day through an official statement at its website.
As per the company’s claims, all deposits will be closed on Tuesday, and withdrawals shall be processed after December 15, 2019. The exchange has made it necessary that a KYC process will be needed as per the EU laws for the company to process all the withdrawals.
Earlier, CryptoBridge trading volume witnessed a major decline in the previous year. In H1 2019, the platform’s trading volume remained above $500,000 and surged to a whopping $2,532,665 on March 19. In the month of July, the exchange had brief days of happiness, where it recorded its trading volume over $ 1,000,000.