The Netherlands-based cryptocurrency exchange Txbit announced the cessation of trading and the complete curtailment of activities on September 14.
The firm cited uncertain regulatory conditions and “adverse market developments” that made it difficult to turn a profit.
“With compliance costs rising and our product margins constantly under pressure, continuing to operate as usual has become unacceptable for us,” — explained in the message.
At the time of writing, the Txbit website is temporarily unavailable. The company has notified the cancellation of open orders and the cessation of trading. After that, the possibility of withdrawing funds is expected to be restored.
“We kindly ask all our clients to withdraw their funds by 12:00 UTC September 14, 2023. After this period, it will be impossible to return any funds.— platform management warned.
The team explained that due to the likely queue for withdrawal of funds, the processing of applications may take time, including due to KYC-processes.
In March 2023, the Dutch Financial Markets Authority announced its intention to take a tough stance on enforcing new EU rules on cryptocurrencies.
Recall that in June 2023, Binance announced its decision to leave the jurisdiction of the Netherlands, as it was unable to obtain a license for a virtual asset service provider from the local regulator.
Found a mistake in the text? Select it and press CTRL+ENTER
ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!