Crypto winter causes Australian exchange to freeze operations permanently
Australian Cryptocurrency Exchange BTC.com.au close On June 17, the current market conditions said, “We cannot continue to operate.”
“Sadly, the worst thing that could happen happened.”
Cryptographic winter claims another victim
The implosion of Terra LUNA / UST in early May caused a series of events that rocked the crypto industry.
There is no doubt that the findings, such as mishandling of users’ funds, laissez-faire attitudes towards risk, and accusations of fraud, give regulators an open obligation to implement strict measures.
This knock-on effect has spread to other platforms, highlighting vulnerabilities throughout the crypto industry.
In recent weeks, crypto platforms have frozen withdrawals to maintain liquidity, claiming that major players, including Three Arrows Capital (3AC), have gone bankrupt, and several exchanges have announced a reduction in staff numbers. doing.
Once the turmoil is resolved, all of the above will put downward pressure on token prices. And the outlook is bleak against the backdrop of the decline of the world economy.
Under these conditions, small players like BTC.com.au will be hit hardest.
BTC.com.au say goodbye
BTC.com.au was launched at 2018 To provide secure and secure cryptocurrency transactions for Australian users.
“We launched with the vision of making cryptocurrencies easily accessible and accessible to everyone. Today, our platform, like you, is for thousands of people every day. Has evolved into a full-featured trading platform used by Australians! “
As a small exchange, details of its trading activities are not listed in data aggregators such as CoinMarketCap. However, as with OTC trading and AUD on / off ramping, you can only use 13 tokens.
BTC.com.au announced the closure, saying it has expanded its team five-fold compared to last year and added a variety of new features and services in anticipation of a further increase in user numbers.
However, the market plunge in the legacy and crypto markets has hit the company hard and forced it to close. Friday marks the end of all transactions and deposits. But more importantly, unlimited user drawers are open.
“We will keep the platform alive Friday, July 22 To give everyone time to complete their account and make sure everyone has downloaded their account Trade activities Tax report. “
