US DEX CryptoBridge closing down shop due to increased regulations

Ali Raza
  • December 2nd 2019, 13:20
  • Decentralized crypto exchange called CryptoBridge has just announced that it will soon shut down.
  • The exchange blames market conditions but also 'increasing regulation.' for the decision.
  • The exchange warns that deposits will stop after December 3rd, while withdrawals will continue until shutdown on December 15th.

According to a recent announcement posted by a US-based decentralized cryptocurrency exchange (DEX) known as CryptoBridge, the exchange will soon shut down. In the notice, the exchange stated that there are several reasons for the decision, one of which is increased regulation.

Apart from this, the exchange also blames difficult market conditions, as well as its inability to maintain current operations or further development.

The notice further announced that all services would be terminated after December 15th, 23:59 GMT, stating that their users have around two weeks to withdraw their funds. Meanwhile, deposits will be closed after tomorrow, December 3rd. The exchange recommended that users start the withdrawal process as soon as possible due to the verification process, which tends to take a few days.

The exchange concluded by promising support for all users who experience difficulties when withdrawing funds and concluding their business within the exchange.

Social media accounts will be closed as well, the exchange warns

CryptoBridge was not a particularly large exchange — certainly not at the same level as centralized giants such as Coinbase or Binance. However, it did have around 320,000 visitors in October, most of which are estimated to be from Bulgaria and Russia.

CryptoBridge’s notice also states that they did everything in their power to navigate through difficult times, but the previously mentioned conditions prevented it from succeeding. The notice also issued a warning, stating that the exchange plans to deactivate all of its social media accounts. With that in mind, any accounts that might try to impersonate the exchange — such as this one —  are to be considered fake, as scammers might try to trick investors into thinking that the exchange is back.

About the author

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Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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