The company cited high competition among crypto trading platforms and fallen volumes as key reasons for shutting down its exchange. cryptocurrency bitcoin
The Nasdaq-listed firm Eqonex is closing its cryptocurrency exchange business. The company cited high competition among crypto trading platforms and fallen volumes as key reasons for shutting down its exchange.Eqonex Ltd. , a digital asset financial services company, announced the closing of its spot and derivatives cryptocurrency exchange Monday. The announcement states:The Eqonex exchange will close for trading on Aug. 22 at 8 a.m. and for withdrawals on Sept. 14 at 8 a.m. .
Eqonex explained that intense market competition, low margins, and the significant technological load required to ensure optimal performance “has made running a profitable exchange increasingly challenging, especially in the current environment where crypto exchange volumes have fallen.” The Nasdaq-listed company will focus on crypto asset management and custody services going forward. The firm’s asset management business includes Bletchley Park, a fund of crypto hedge funds. Digivault, the group’s digital asset custody business, is registered with the Financial Conduct Authority in the U.K.
Eqonex CEO Jonathan Farnell commented: “The recent extreme market volatility and declining trading volumes have added to the headwinds being felt by exchange operators.” He added: Our asset management and custody business, Digivault, have already made solid progress with the additional resources that we have allocated to them recently.
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