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Another Winter Casualty: CryptoBridge Decentralized Exchange Announced Its Closure

03 December 2019 09:36, UTC
Denis Goncharenko
CryptoBridge, the decentralized cryptocurrency exchange, announced the closure. It became another victim of a long cryptocurrency winter, as a result of which several companies have already shut down its activity. The exchange posted an official statement on its website.

In its announcement, CryptoBridge states that it cannot finance further development due to market conditions and increased market requirements. All deposits will be closed today, 23:59 GMT, and withdrawals will be possible after December 15. The exchange requires adherence to KYC rules in accordance with EU law, which surprised its users who replied with angry reviews. Some customers were taken by surprise and are thinking how to withdraw money.

CryptoBridge claims to have acted in accordance with the Fifth EU anti-money laundering directive. The exchange said it wants to make sure that its users are not responsible for any illegal intentions or actions.

Although KYC is not new to the industry, users were disappointed with the decentralized exchange implementing these rules without any warning. This innovation served as the last step towards its shutdown — the trading volume on the site decreased to a minimum.