Key Points:
The exchange, known for its focus on trading Proof-of-Work (PoW) coins, has announced its closure, urging customers to withdraw their funds before the impending shutdown on September 14, 2023.
Txbit’s decision stems from the combination of adverse shifts in the market and the evolving regulatory landscape surrounding cryptocurrencies in various nations.
The exchange has cited increasing compliance costs and mounting pressure on product margins as contributing factors that have made its operations unsustainable.
The closure process will commence with a planned outage on August 14, 2023, during which all open orders will be canceled, and trading services will be temporarily suspended.
Following this period, withdrawal services will be reinstated, but customers are urged to withdraw their funds by September 14 to avoid any potential loss.
Notably, Txbit has confirmed its intention to burn the remaining uncirculated supply of Txbit tokens in the coming days, specifically 1,510,406,151.2992582 tokens, which amounts to 95.6559% of the total supply. Despite the exchange’s shutdown, the token will still be available for trading on PancakeSwap in the future.
Following this news, its token saw a severe drop of over 90% in just 1 hour.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Metaplanet increases Bitcoin holdings with an additional purchase of $1.6M USD. The company views Bitcoin…
Ryan Salame, ex-CEO of FTX's Bahamas subsidiary, was sentenced to 7.5 years for his involvement…
Starknet Catalyst Program allocates 20 million STRK tokens to advance Ethereum Layer 2 scaling solutions.
Riot to buy Bitfarms for a second time, following Bitfarms' previous rejection last month. The…
Binance France replaced Changpeng Zhao with Yulong Yan and Lihua He as shareholders to comply…
Semler Scientific shifted its financial strategy to Bitcoin treasury reserve. The firm bought 581 Bitcoins…
This website uses cookies.