Decentralized Exchange CryptoBridge Shutting Down, Market Woes or Exit Scam?

  • Another crypto exchange bites the dust, decides to no longer serve the customers
  • CryptoBridge to close deposits after Dec 3 and withdrawals after Dec 15
  • Users asked to start the verification process
  • Market conditions, increasing regulation and funding issues forced the hand
  • Users on Reddit calling “exit scam” says the platform not letting making withdrawals

Decentralized cryptocurrency exchange CryptoBridge has announced that it is shutting down. The exchange will terminate all its services and servers after December 15, 23:59 GMT. The official statement on the DEX’s website reads,

“With great regret, we’re announcing that CryptoBridge is shutting down.”

Deposits will be closed after December 3, 23:59 GMT while withdrawals will be halted 12 days after, which is December 15, 23:59 GMT.

Denmark, Europe-based exchange is now asking users to withdraw their funds in the meantime. But before that, they are recommended to start the verification process which can take a few days as required by the EU law.

All the company’s social media accounts including Discord would be closed down. As such in case of any issues, users have to get in touch with the wallet internal support system.

Established in 2017, the exchange said the market conditions, increasing regulation, inability to fund further development, and maintain operations were the reasons that “forced” the CryptoBridge to take this step.

The traffic on the exchange’s website has also fallen sharply from 780k in May to 320k in October 2019, as per the web analytics services provider Similar Web. With 13.37% and 12.25% share, Russia and Bulgaria respectively are its biggest drivers of traffic.

According to Coingecko, the exchange has a daily trading volume of 28.36 BTC from 156 coins and 201 trading pairs with the most active pair being TDPS/BTC.

Users of the exchange on Reddit however, are crying foul, calling it an “exit scam.” One of the Redditors, Kyuronite commented that they are not able to make a withdrawal, an issue shared by another user. Kyuronite said,

“Doesn’t even let you go to the exchange to even make a withdrawal.”

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