Yesterday came the news that the DXExchange is temporarily closing; the team is considering the merger or sale of the company.
As stated in the press release, the reason why DXExchange is closing is because of economic reasons related to the costs of security, support and technology necessary to keep the whole ecosystem safe.
“The costs of providing the required level of security, support and technology is not economically feasible on our own”.
In fact, to maintain a certain level of security, a centralised exchange must face many possible internal and external attacks, as well as possible platform bugs, and also provide adequate support to users since, in the event that the platform gets attacked and the funds are stolen, they must be protected by some type of insurance.
DXExchange has therefore taken the decision to solve the economic problem either through a merger or through the sale of the entire company, which also includes user data. Considering that it is not a quick procedure, they opted to close down temporarily, inviting users to withdraw funds.
And so, since yesterday, it is no longer possible to deposit or trade; all open orders have been cancelled and all SLTs have been settled at the last price and credited to the users’ accounts. To withdraw, the procedure is more complicated as it is necessary to send an e-mail to [email protected] containing the relevant information:
- Copy of the document that was used to open the account;
- All the addresses of the relevant crypto that need to be withdrawn;
- The total to be withdrawn by each wallet;
- A selfie with the date 03/11/2019 and the text DX Exchange.
Withdrawals will be settled as soon as possible: all requests must be submitted by November 15th, 2019.