Brazilian Crypto Exchange XDEX Closes Its Doors
Brazilian crypto exchange XDEX, owned by the most prominent stockbroker in South America, has announced its closure.
“Today, we announce that XDEX is starting the process of closing its activities. Market projection, competition, and few regulatory advances reduced the opportunities found at the beginning of the project and were the basis for this difficult decision,” the organization said in a statement.
The organization supplied non-custodial publicity to cryptocurrencies, so clients have up to a month from the announcement date to shut their positions and withdraw their earnings in reais on the crypto exchange platform.
“When making the withdrawal request, the funds will be sent to the bank account registered at XDEX within 1 business day, according to bank records,” the announcement said. “After the 30 days, if the customer has not sold the assets, we will do it on their behalf and the amount obtained from the sale will be deposited in the bank account registered with XDEX within 3 business days.”
Market Failure
Since founded in 2018, XDEX has made attempts to profit by the conceivable passage of Brazilian institutional financial specialists into the crypto space, since the platform shared a relationship with some of XP Investimentos. Probably the biggest dealer in Latin America, XP Investimentos oversees billions in ventures.
This is the fourth organization concentrated on Bitcoin trading that has to end its exercises in Brazil. Prior to it, Brazilian organizations, OmniTrade, Latoex, and Acesso Bitcoin likewise declared the end of their stay in the country. Toward the 0f 2019, another Brazilian Bitcoin organization called Bitjá announced its closure as well.
