Brazilian Crypto Exchange XDEX To Close End Services

XDEX, while announcing its closure, said, “Market projection, competition and few regulatory advances reduced the opportunities found at the beginning of the project and were the basis for this difficult decision”.

30 Days Time Given To Customers

The customers have 30 days to close their accounts and withdraw their balance in a legitimized way from the platform. The company has stated that as soon as they would receive a withdrawing message from the customer, they would initiate the transaction to the same bank account that has been registered with XDEX. And within 3 days the customers would receive their balance in the bank account.

The XP Investimentos owners launched the XDEX, in the year 2018, to help the institutional investors by capitalizing their contribution into crypto.

In Latin America, XP Investimentos is very popular among investors as it is considered to be one of the largest brokers of the country, which manages around billions of investments.

Brazilian Crypto Industry Facing Crisis 

According to the reports, XDEX is not the only company in Brazil that has shut all its activities. Some other companies like Brazilian companies, OmniTrade, Latoex and Acesso Bitcoin also made the announcement to close their activities in Brazil.

A few days ago, OmniTrade also released a statement and gave a reason for shutting down its activities. The company mentioned that because of the global economic crisis, which has been caused by COVID-19, the OmniTrade has decided to close the services.

In the year 2019, Bitja, a Brazilian Bitcoin company, through social networking site announced to terminate its services. The company in its statement mentioned as their performance was not up to the mark, in the domestic market, therefore, it has decided to shut its activities.

You May Also Read.