Decentralized exchange CryptoBridge closes amid ‘increasing regulation’

Getting your Trinity Audio player ready...

U.S.-based decentralized cryptocurrency exchange CryptoBridge has announced that it is shutting down all of the exchange’s services and services after December 15, 23:59 GMT.

The exchange was founded on a vision to provide a gateway to decentralized crypto trading by connecting users and traders with new projects. The notice on the CryptoBridge website states that the team worked hard and did everything they could to make the outcome different; however, “market conditions, increasing regulation, inability to fund further development and maintain operations” have resulted in the company’s decision to close. 

Customers are being urged to withdraw their funds from the exchange as soon as possible. They will have this ability until the final day of operation, but deposits will halt after Dec. 3, 23:59 GMT. Before a customer can withdraw funds, they must pass the user verification procedure as required by European Union (EU) laws. The verification process can take days, so it’s recommended to start as early as possible to ensure the withdrawal occurs by Dec 15.  

CryptoBridge promised that the team would focus on support during this period to resolve any potential issues as quickly as possible. Customers are being told to use the wallet’s internal support system to contact the support team as all other social media channels immediately were closed. 

After the CryptoBridge’s announcement, a Twitter account impersonating them tweeted, “We are only temporarily shutting down. We will be opening a new and improved exchange.” In response to the fake tweet, the CryptoBridge team updated the announcement on their official website with the following warnings:

Our social media channels are closed; all accounts on Twitter that are pretending to be representing CryptoBridge are fake. We are not planning a comeback at the moment.

“All existing non-mature BCO staking positions have been paid out, effectively canceling the contract.”

CryptoBridge’s official Twitter account currently displays a “that page doesn’t exist” error.  

Following its demise, CryptoBridge joins the list of decentralized exchanges that have failed to gain traction after the 2017 crypto boom. Its end comes at a time when smaller coins have lost nearly all activity as the exchange held 126 trading pairs for relatively unknown tokens. CoinMarketCap listed CryptoBridge turnover as only around $84,000 per day.