Publicly traded blockchain services company Eqonex Limited (EQOS) announced on Monday that it will shut down its cryptocurrency exchange operations, citing falling trading volume, “intense market competition, and low margins.”
The exchange will close on August 22. That gives customers one week to close their derivatives trading positions, after which all trading on the platform will cease. The exchange’s customers will also be given until 8:00 a.m. UST on September 14 to withdraw their crypto assets to an external wallet. All withdrawal fees will be waived during this time, the company said.
Meanwhile, the exchange’s native EQO token, which cannot be withdrawn, has immediately ceased trading. Holders will be contacted directly with details about their EQO balances.
“Closing the Exchange will significantly simplify our business, narrow our focus, free up resources, and allow us to operate as a more efficient organization with capacity to aggressively go after market segments that...
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