DX.Exchange Announces “Temporary Closure”

November 4, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Marko Vidrih
Nov 4 · 3 min read

The board of directors of the Estonian trading platform DX.Exchange decided to suspend the activities of the exchange in connection with plans to sell the company or merge with another platform.

The statement in the announcement said that the cost of ensuring the proper level of security, support and team is too high and the business is simply unprofitable.

The board believes this is the best opportunity for DX.Exchange to achieve success for its shareholders and compete in this challenging market. In the event a merger or sell is not completed in a timely matter then the exchange may not resume operations and take appropriate action.

The platform has already closed the acceptance of user deposits and canceled all open orders. At the same time, the company declares that all user funds are safe and will be returned to customers. Withdrawal requests are accepted until November 15th.

The user must provide a photo of the front side of the same government ID used to open an account, a selfie with the current date and the inscription DX.Exchange, a list of cryptocurrency wallets and the amount of funds to be withdrawn. In this case, the letter should be sent from the same email address that was used during registration.

Recall that the launch of the DX.Exchange platform took place at the beginning of this year, but very soon a number of serious vulnerabilities were discovered on the exchange.

Previously, CCN wrote that DX.Exchange could have been linked to SpotOption, a binary options platform suspected of fraud. DX.Exchange CEO Daniel Skowronski denied the exchange’s connection with SpotOption.

Probably the final nail of the DX.Exchange coffin was the failed launch of trading its own DXCASH token at the end of September. With the original price of $1.50, DXCASH collapsed to $0.10 on the first day of trading, and immediately before closing it cost a fraction of a cent.

“Today DXCASH opened for trading with $1.45 being the first price traded. At the time of writing, DXCASH is trading around $0.10 on very low volume. We believe that most of the sellers are people who received DXCASH in last year airdrop or others selling just for the sake to sell,” the exchange wrote on September 26. — “Contrary to what some people are saying in the chat, we are not a scam, we are here, still working and working hard to make DXCASH strong. Once the selling pressure lightens up, DXCASH will be in a much better place. We need the community’s continued support.”

Author: Marko Vidrih

ALTCOIN MAGAZINE

The best damn place to read and write about crypto and blockchain.

Marko Vidrih

Written by

I love writing, and that is why I do it. A passion for not only providing information but for helping people understand.

ALTCOIN MAGAZINE

The best damn place to read and write about crypto and blockchain.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade