Crypto Exchange Txbit Announced the Closure on September 14th
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In Brief
Txbit, which mainly trades POW coins, announced its closure. All customers are requested to withdraw funds before September 14.
In a surprising turn of events, the crypto community received a major shock: Txbit, a prominent name in the crypto exchange space, has declared its intention to shut down by September 14th, 2023.
The announcement is heartfelt and poignant, signaling the closure of a chapter in Txbit’s journey. The emotional weight of this decision is evident in the team’s words, as they declare the end of operations with “heavy hearts and tears.” However, the pressing question remains: why the sudden closure?
The Challenges Txbit Faced
The crypto market is known for its volatility and rapid shifts. Txbit attributes its decision to an amalgamation of challenges. The backdrop of tightening regulations globally and the ever-changing legal status of cryptocurrencies in several jurisdictions have put a strain on their operations.
Further, in a competitive environment with escalating compliance costs, and dwindling product margins, sustaining the platform became a herculean task. Even though Txbit began its venture with a robust vision, the present market conditions left them with little choice but to wind down.
Txbit will undergo an hour-long offline period on August 14, 2023. During this period, the team will cancel all open orders and stop the trading functionality. Post this, the platform will reinstate its withdrawal services.
While the platform will remain accessible until noon UTC on the aforementioned closing date, a word of caution to its users: it’s imperative to withdraw all funds before this deadline. Post-closure, the retrieval of assets will not be possible.
It has been a difficult decision, and with heavy hearts and tears, we announce the closure of Txbit’s services on September 14th, 2023.
— txbit.io (@txbit_io) August 14, 2023
We kindly ask all our customers to withdraw their funds before 12:00 PM UTC on September 14th, 2023.https://t.co/JKxrG9PiQv pic.twitter.com/MVWm8UPtZQ
Anticipated Delays
Given the likely rush of users aiming to secure their assets, delays are expected in the withdrawal process. Users may also experience similar lags in the KYC process and support ticket resolutions. The Txbit team remains dedicated to a smooth transition and plans to speed up processes wherever possible.
With the closure, there’s a significant action concerning Txbit tokens. An astounding 95.6559% of the total supply, translating to 1,510,406,151.2992582 tokens, will be incinerated. But for those concerned about the token’s future, it will continue to be tradable on Pancakeswap.
For other affiliated wrapped tokens, the Txbit team will be liaising directly with the respective project developers to facilitate the transfer of wrapped tokens and associated contracts.
A Parting Message
Txbit expressed deep regret and apologies for the inevitable inconveniences this decision will bring to its vast user base. We also extend our gratitude for the community’s unwavering support.
For those wanting to stay updated or reach out, Txbit remains active on various social media platforms, including Telegram, Twitter, Medium, Discord, and Instagram.
Txbit’s closure serves as a stark reminder of the unpredictable nature of the crypto world. The story of its rise and closure will be a case study for many, emphasizing the importance of adaptability and resilience in this ever-evolving digital age.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
More articlesNik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
