Nasdaq-Backed DX.Exchange to Shut Down; Seeks Acquisition or Merger | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
U.K.-based cryptocurrency exchange DX.Exchange on November 3, 2019, announced that it has decided to temporarily close its operations. The exchange’s decision to shut shop comes at a time when it is pursuing a merger or outright sale of the company due to financial crunch.
DX.Exchange Decides to Call it Quits
DX.Exchange, a digital assets exchange that popped into the limelight this year by offering traders the service to trade tokenized stocks of Tesla, Apple, and other major companies, has decided to call it quits, at least temporarily.
In an official blog post, the exchange stated that the costs of providing the required level of security, support, and technological expertise for a reliable and trusted exchange platform was not economically feasible for the firm.
Now, having made the decision to bid adieu to the fast-paced cryptocurrency industry, DX.Exchange is looking for avenues to achieve “success for its shareholders.”
Regarding the decision to shut down its operations, DX.Exchange’s blog post reads in part:
“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.”
More information will be shared with customers as it comes out, the blog post reads.
Notably, existing DX.Exchange customers have until November 15, 2019, to request the withdrawal of their crypto holdings.