XDEX Brazilian Crypto Exchange Shuts Down Due To Regulatory Stresses

One of Brazil’s top cryptocurrency exchanges, XDEX, has announced on Wednesday that it will shut down all of its services.

A Slurry Of Downfalls

According to the announcement, this decision was made due to a range of factors. Things like harsh competition within Brazil’s crypto industry, as well as regulatory uncertainties and market protection, are all attributed to this decision.

The exchange announced that it had started the long process of shutting down its activities, citing competition, market projections, and some regulatory advances in the country of Brazil to have reduced the opportunities that the project had used at its inception. The company stated that, as you would imagine, this was a hard decision to make as a whole.

Promises To Work Within Agreement

The exchange itself is owned by none other than Grupo XP, the largest stock brokerage within Latin America. It seems that the company didn’t manage to expand into the great crypto unknown at this point in time.

The announcement went into further detail, stating that it will comply with all contractual obligations as they shut down. Of course, they promised to follow the Terms and Conditions of Use and Services that XDEX has established, and every user on its platform had agreed to prior to using its services. The exchange stated that it was always considered a priority to ensure the solidity and safety of this transition.

Thirty Days To Sell And Withdraw

The announcement stipulated that every user on its exchange platform will be given 30 days to withdraw all their funds from the crypto trading platform. XDEX stated that these withdrawal requests would have the funds be sent back to the respective bank accounts registered with XDEX. Furthermore, it will be done within one business day of withdrawal and will run according to bank records in terms of what a business day is.

The exchange stated that any customer that fails to withdraw their respective holdings within this 30-day period would have their various holdings sold, and the fiat brought forth from this will be delivered directly to their registered bank accounts.

XDEX stands as a tragically short journey, only having been 17 months in operation. In regards to this, the exchange stated that entrepreneurship will always be a great challenge to achieve, claiming it was especially so in an unregulated market. However, the exchange pointed out that it had to acknowledge that it was time to stop trying.