We hope this email finds you well.
The last few months have seen many changes on both the front and back ends of the trade.io exchange. For over a year now, the Liquidity Pool has been effectively operating; we are proud to confirm total overall payouts to-date of over half a million dollars. Meanwhile, over the course of just a few months, our FX branch, TIOmarkets has been launched, has shown exponential growth, week-on-week and is now the primary contributor to the liquidity pool. The management team has been engaged in ongoing business-critical decisions regarding how to drive value in the Liquidity Pool and in its TIOx holders. It has been decided, therefore, to put the trade.io Exchange into hibernation mode in order to focus resources in the profitable portion of the business — TIOmarkets, thereby investing more concretely in the future of the TIOx.
While this is a success story for TIOmarkets, this will mean a temporary suspension of the trade.io exchange for now.
We wish to directly reference the three key areas that have been raised by our veterans repeatedly on our community channels, which we also believe to be contributing factors towards the decision to put the exchange into hibernation:
- Fake volumes, scam projects and the vast unregulated crypto environment have not been tolerated at any point by the trade.io management team, however are contributing factors towards the success of competitor exchanges
- We are faced with the prospect of spending huge sums of money on marketing, realizing that, even were we to do so, we might not be able to reach our volume goals without resorting to wash-trading, scam coin listings and other dubious methods our competitors use to inflate their results. We simply refuse to go down this path.
- Infrastructure costs needed to compete and exceed competition are quite high in an industry operating with cutting edge technology. To date, the exchange has operated with a lean and agile development methodology in order to keep costs low and maximize LP distributions. Getting ahead of the competition in terms of features and functionality would result in significant capital expenditures to expand our development and infrastructure resources. Thus negatively impacting LP distributions.
Despite the plethora of factors that have led us to where we are today, we believe that everybody will agree that from day one we have operated as a regulated exchange and have had the honorable intention of making all of our business activities a success for our pre and post ICO investors.
We are proud of the potential success that TIOmarkets will bring to our supporters. We are proud to continue offering daily payments to members of our liquidity pool, without interruption, despite these latest business decisions. Our top priority has always been and will always be our TIOx holders.
Here is some more information on what will happen now:
trade.io is not going out of business, we are simply putting the exchange into a hibernation mode until the crypto environment conditions improve.
CEO William Heyn, COO Roy Gutshall and CMO Chris Psallidas will be staying on with the project and will continue to provide strategic support, moving forward.
It has always been the intent and motivation of the trade.io management team to increase the utility and value of the TIOx. Since the end of the ICO, several projects have been embarked upon to drive the value of TIOx. The two most successful of these projects have been the LP and TIOmarkets . By putting the exchange in hibernation and refocusing, we expect to unlock more value, reduce costs and concentrate on the best performing products the group of companies has to offer. We hope that the net effect will be to eventually increase LP payouts and as a result the value of TIOx.
As a result, effective Monday October 28, 2019 at 10:00 AM CET (GMT+1) the crypto exchange will disable all deposits, trading, affiliate programs, reward programs and fiat transaction services. At this time all open orders will be cancelled. The exchange will remain open for withdrawal processing until October 31st at 10:00 AM New York Time (GMT -5) to facilitate the orderly removal of all crypto assets.
After October 31st, the Liquidity Pool will continue to operate with only TIOmarkets, which will fund the LP, for the time being.
trade.io is not going out of business — your assets are safe and secure
We understand there are many questions which our loyal TIOnauts have. Please see below to find answers to some important questions:
Is trade.io Going Out of Business?
Answer: No, trade.io is not going out of business. The crypto exchange will be archived securely and pending the financial opportunity will be reopened at a future date.
Why hibernate the exchange?
Answer: This is purely a profit and loss decision. Despite the success of our re-launch, it has become clear to us that in current market conditions the exchange is a long way from turning a profit. Profits (and losses) directly affect the LP payouts. By removing the costs of the exchange we will increase the profitability of the trade.io group of companies and as such increase the LP payouts over time which should drive the price of TIOx.
What Happens to TIOx?
Answer: The TIOx token will be listed on IDAX, Mercatox, and ABCC exchanges and remains the key to accessing the Liquidity Pool. The utility of TIOx has always been tied directly to the Liquidity Pool and will continue in that function.
What Happens to the Liquidity Pool?
Answer: The LP is and will remain alive and well at its new home on TIOmarkets. Distributions will continue to occur. With these changes we expect the distributions to increase significantly over time. The distributions for the liquidity pool will continue to be paid as they currently are in the trade.io exchange until Wednesday October 30th. Starting Monday November 4th, all future LP distributions will occur on the TIOmarkets platform and will be paid to your TIOmarkets MT5 trading accounts. Payouts are expected to remain in ETH. The distribution for October 31th and November 1st will be paid on November 4th. Please note, there will be no distributions on the weekends or banking holidays as the FX markets are closed during these times.
If I Am Already in the Liquidity Pool, Do I Need to Do Anything?
Answer: We have partnered with the TIOmarkets team to make the LP transition as seamless as possible. No action is needed for anyone who has TIOx locked in the LP as of Thursday October 31, 2019 at 10:00 AM CET (GMT+1). Your TIOx will be migrated to TIOmarkets and remained locked into the LP automatically. You should then receive TIOmarkets credentials by Monday November 4th along with details instructions on how to access your TIOx and use TIOmarkets services.
What if I am not locked into the LP by the Cutoff Time?
Answer: Anyone who has TIOx, but does not have that TIOx locked into the LP by Thursday October 31, 2019 at 10:00 AM CET (GMT+1) will need to withdrawal their TIOx to a private wallet. If you would like to lock those TIOx into the LP in TIO Markets on November 4th or after, you will need to create a new TIOmarkets account by registering here: https://clients.tiomarkets.com/en/register
Once your TIOmarkets account is registered and your KYC is approved you will be able to deposit your TIOx to TIO markets and lock it into the LP from your TIOmarkets Portal/Members Area.
Does Anything Change With Regards to Locking or Unlocking TIOx in the LP?
Answer: The LP will operate normally for the time being. No changes to the rules, restrictions, or terms of your loan, as an investor, to the LP.
What can I do with my assets on the exchange?
*How Can I Transfer My Crypto Assets to TIOmarkets to Trade FX?
Anyone who is not in the LP by the cutoff time will NOT be migrated automatically to TIO Markets. However, you have three options:
Category A: You are already KYC verified with trade.io and want to move your BTC, ETH, or TIOx.
For anyone in Category A, who wishes to transfer their BTC, ETH, or TIOx from the trade.io exchange to TIOmarkets please register for a new TIO Markets account (if you don’t already have one): https://tiomarkets.com/register
Please use your trade.io registered email address for your TIO Markets email address. If you do not want to upload your KYC documents again you can request trade.io to share your KYC documents with TIO Markets by emailing email@example.com.
After your TIO Markets account is fully approved please proceed to withdrawal your BTC, ETH, and any TIOx that you do not want locked into the LP from the trade.io exchange to your TIO Markets account.
If you have any questions or concerns on how to do this, please visit us on live chat or email firstname.lastname@example.org for further assistance.
Category B: You are not KYC verified with trade.io and want to move your BTC, ETH, or TIOx.
For anyone in Category B, please withdrawal your crypto assets from you trade.io exchange account to a private wallet before Thursday October 31st, 10:00 AM New York Time (GMT -5). Next, please register a new TIOmarkets trading account here: https://clients.tiomarkets.com/en/register. After your TIOmarkets account is created and approved, you will be able to transfer your BTC, ETH, or TIOx from your private wallet(s) to your newly created TIOmarkets account.
Category C: You do not want an account with TIOmarkets and/or have assets other than BTC, ETH, or TIOx.
For anyone in Category C please withdrawal your assets to your private wallets before October 31, 10:00 AM New York Time (GMT -5).
What If I Do Not Withdraw My Assets Before October 31?
Answer: For anyone who has not withdrawn their crypto assets before the trade.io exchange hibernation date please email email@example.com. You will need to provide your KYC documents (ID and Proof of Residence) along with your registered email address, and the amount of assets you wish to withdrawal. Please note that this process could take several days for verification. Therefore we highly recommend all users withdrawal their assets before October 31.
What Will Happen to the Trade.io Telegram Channel?
Answer: The trade.io Telegram channel will remain open to address questions concerning the future of TIOx and the LP as well as address any remaining questions in the future.
In closing, we would like to thank all of our TIOnauts for the support and loyalty. While the exchange will be going away for a while, trade.io will remain in business with TIOmarkets as our main focus and the main funding source for the LP, which will also remain in existence. These decisions are bittersweet for us, we are heartbroken to hibernate our exchange, but truly feel that this move is the best for our TIOnauts and for the value of the TIOx token. Don’t hesitate to reach out through the Telegram channel and firstname.lastname@example.org email, we will be here to assist in any way that we can.