Nanex is shutting down April 30th.
It’s with a heavy heart that we are announcing that Nanex will be closing its virtual doors at the end of April, after just over a year of operation.
Nanex started out as an idea in a community Discord channel during times where the future was bright for Nano but options were slim. Everyone was having fun working on various Nano-centric projects and there was a real sense of community, so why not give it a shot at making our own exchange? We wanted to create a community-based exchange that was as fast as Nano, but also one where other coins are paired with Nano instead of Bitcoin. We’d like to say we succeeded in that goal, creating an integration with Nano’s wallets that to this day is still considered the best and listing pairs that led multiple communities to talk about the price of their coin in Nanos instead of Satoshis.
Nano made the perfect arbitrage coin too, but unfortunately that potential was never realized as no other exchange followed suit with how we paired things with Nano.
Regardless, we continued on with a mission of providing an exceptional platform for trading these assets and having a rock-solid exchange to trade Nano on. For a long time, we succeeded at that goal. We listed a few coins that made their home at Nanex until they found greater pastures and made a name for ourselves as a good home for new, promising coins.
However, the bear market struck once again and the majority of individuals who would be willing to use a small exchange like Nanex left cryptocurrency entirely. The number of coins that were coming out with some sort of promising technology that Nanex liked to list were few and far between. As a result, our volume dwindled to nothing.
Since roughly October of last year, Nanex has not had more than a couple thousand dollars a day in volume, and as of late not more than a couple hundred. There are days at a time where no trades happen. There usually isn’t more than 2 or 3 people viewing the exchange at any given moment. In this bear market with no real desire for a niche exchange, especially one that doesn’t pair everything with BTC, Nanex simply cannot thrive or be revived without succumbing to cheap tricks like referral programs or just becoming a run of the mill exchange that lists every shitcoin. And really, for all intents and purposes, Nanex has been a dead exchange for quite some time now with the complete lack of volume.
We’ve been waiting for and hoping for the right coin to list or to have a lull in the tickets we have to handle due to updates and hard forks and miners creating too many UTXOs, still holding out hope for the right thing to bring volume, but the stars simply did not align. We were hoping to release an overhaul, to make Nanex even better than it once was, but that dream was never realized due to countless things getting in the way. Despite all of the community’s well wishes, sometimes things just don’t work out.
After countless late nights and considering numerous other options, we’ve made the hard decision to just call it quits and be glad we managed to do something cool at all. It’s senseless to keep beating a dead horse and paying the server bills when there’s hardly ever anyone online anymore.
Since only a small handful of people still use Nanex nowadays, the majority of funds have obviously long since been withdrawn. However, as you can see on Nanode there is still a good chunk of Nano that remains in our hot wallets, a little over sixty thousand. We ask that our remaining users please go ahead and move their Nano to their own wallets as soon as possible, as well as any other assets they may hold on Nanex.
Almost all wallets should be online for withdrawal now and Nano withdrawals should be instant as everyone is used to, so if you have issues or delays please do not hesitate to open a ticket. Short delays for UTXO merging may occur on bitcoin forks due to the wallets mostly being made up of small deposits now.
To make sure the remaining users on Nanex have sufficient time to make their withdrawals, we will be keeping Nanex’s servers online with automated withdrawals until April 30th. Deposits have been offline for a few weeks now and will remain that way. All open orders have been cancelled and no new orders may be placed. We’ve ensured nobody has funds stuck in escrow or orders.
We would like to thank everyone from the Nano community for their never ending support since the beginning, especially those that kept cheering us on to keep going even when things weren’t getting better. The Nano community truly is one of a kind. We’re sorry we couldn’t make the dream of a Nano-based exchange happen — but thank you so much for your support nonetheless. We couldn’t have made it as far as we did without all of you and we truly hope that Nano pairs will one day be a common thing like it is for ETH and LTC.
For the handful of users that still hold Bitcoin Private on Nanex, we are working on merging UTXOs from all the mining that happened in the early days when BTCP first went live and we listed it. Back then the majority of people were trading their mining proceeds rather than the larger amounts they purchased on other exchanges. The majority of BTCP has been withdrawn at this point, especially after the latest dump, leaving only tiny little microdeposits from mining that have to be merged for the remaining BTCP withdrawals. We’re working through these one at a time, so please be patient. If you would like to receive status updates, please open a support ticket regarding your BTCP withdrawal if you have not already. All other coins should be unaffected at this time.