The digital assets market has been on an upward trend recently, with top cryptocurrencies such as BTC and BCH maintaining higher price levels. Unfortunately, this comes too late for some ventures in the field. The latest to cease operations is DX Exchange, which is now looking for a way to exit the market.
DX Exchange Is Looking for a Buyer
Estonia-based digital assets trading venue DX Exchange has announced that as of Sunday, November 3, the platform is not allowing any more deposits from clients, trading is suspended and all open orders have been canceled. This is done to close the exchange until a new buyer can be found for the company. Alternatively, DX may merge with another exchange to reduce the high cost of running the business. The company also reassured clients that all their funds are safe and need to be returned to allow a merger or a sale to proceed.
“We must inform the community that the board of directors of DX.Exchange has decided to temporarily close the exchange as we pursue a merger or outright sell of the company,” the team wrote in a blog post. “The cost of providing the required level of security, support and technology is not economically feasible on our own. 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 manner then the exchange may not resume operations and take appropriate action.”
Smaller crypto exchanges find it difficult to survive in the current market as they have to spend a lot of money to comply with new regulations and compete with giants such as Binance.