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 Closing Crypto Exchange
Eqonex Ltd. (Nasdaq: EQOS), a digital asset financial services company, announced the closing of its spot and derivatives cryptocurrency exchange Monday. The announcement states:
The company will proactively exit the crowded crypto exchange space by closing the exchange.
The Eqonex exchange will close for trading on Aug. 22 at 8 a.m. (UCT) and for withdrawals on Sept. 14 at 8 a.m. (UCT). All withdrawal fees will be waived, the announcement notes.
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...
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