Brazilian Bitcoin exchange lowers shutters due to market conditions
Brazilian cryptocurrency exchange XDEX has announced that it will terminate its operations on market conditions and legal grounds.
Brazilian cryptocurrency exchange XDEX, owned by XP Investimentos, the largest stock broker in Latin America, has decided to terminate its operations.
In the statement made by the stock market yesterday , “Today we are starting the process of terminating XDEX’s activities. Market projection, regression, and some legal processes have reduced some opportunities at the start of the project and led to this difficult decision. ” the statement said.
In the statement, customers were asked to close their positions and withdraw cryptocurrencies on the platform within 30 days of the announcement date.
After the 30-day period, if the customers have not yet sold their assets, the stock exchange will do this on behalf of their customers and the amount obtained from the sale will be deposited into XDEX bank accounts within 3 business days.
XDEX was opened in 2018. XP Investimentos, the owner of the stock exchange, is a company that manages billions of dollars of assets.
There have been many exchanges in Brazil that have previously terminated their activities. The first ones that come to mind are OmniTrade, Latoex and Acesso Bitcoin.