In a recent press release, the Netherlands-based cryptocurrency exchange Txbit announced that it will cease its operations on September 14th. The exchange cited uncertain legal conditions and unfavorable market changes as the reasons behind this decision, making it difficult to sustain profitability and continue its activities.
“Given the rising compliance costs and the ongoing pressure on our product’s profit margins, continuing as before has become unsustainable for us. Txbit started with a different vision, but the current environment has hindered our progress.”
As of now, the Txbit website is offline as part of their planned shutdown. During this period, all open orders will be canceled, and trading features will be disabled. Withdrawal functionality will be restored at a later time.
“Txbit requests all customers to withdraw their funds before September 14, 2023. Any remaining balances after this date will not be processed.”
Txbit, established in 2016 and officially launched in 2019, is a Dutch-based exchange. The platform has its own token and plans to burn the remaining non-circulating supply, even though these tokens constitute over 95% of the total supply. According to the company, Txbit tokens will still be available for trading on Pancakeswap in the future.