Liqui Cryptocurrency Exchange Shuts Down Amidst Crypto Winter
Liqui, a Ukraine-based cryptocurrency exchange, and virtual currency trading venue have officially announced its shutting down the platform, as the current market condition, coupled with a recent change in its policy has made it almost impossible for it to remain in business, according to an official statement on January 28, 2019.
Liqui Crypto Exchange Kick The Bucket
Liqui, a Ukrainian cryptocurrency exchange ranked 193rd in the world, has finally given in to pressures of the current market as it has officially announced the closure of its platform.
As stated in its press release, a recent change in its terms of service triggered a massive exodus of users from its exchange, making it almost impossible for it to keep providing liquidity for the remaining users, due to the slump in the price of bitcoin and other virtual currencies.
“Much to our regret, after the change in policy Liqui is no longer able to provide liquidity for the users left,”
Liqui explained, adding
“We also do not see any economic point in providing you with our services. However, we do not want to return to where we were a month ago, against that backdrop, we decided to close all accounts and stop providing our services. It broke our hearts to do that.”
Crypto Traders Must Withdraw Funds within the next 30 Days.
Though its decision to shut down operations may be disappointing to its loyal users, as Liqui supports a vast array of small-cap altcoins including Holo, SingularDTV, OAX, and others, the move goes a long way to show that the owners of the platform are honest and straightforward, since the seemingly unregulated nature of the crypto space makes it easy for bitcoin-linked businesses to orchestrate an exit scam whenever they feel things aren’t going smoothly.
Now, Liqui has made it clear that all customers will be able to withdraw all their funds from its platform within the next 30 days.
And traders who were unable to withdraw the already delisted crypto assets as at when it announced changes in its policies, will be given another grace period of 30 days.
Of a truth, the world’s flagship cryptocurrency, Bitcoin (BTC) and the entire crypto markets will surely wake up from their current slumber as they have done many times since Satoshi Nakamoto launched Bitcoin a decade ago, it remains to be seen how many more virtual currency businesses will collapse before the price of bitcoin moons again.
Earlier in November 2018, Bitcoin Exchange Guide reported that Giga Watt, a cryptocurrency mining firm had filed for bankruptcy.