To be honest, the only reason I know about BTCEX is that it is advertised in many PTC AND CRYPTO sites. It looked popular - just based on the number of ads seen!
So I was a little surprised when the ads today had a disclaimer on top stating that it was closing down.
Due to recent operational adjustments, BTCEX will cease all trading functions starting from July 5, 00:00 UTC. Please cancel all open orders and close your positions before July 5, 00:00 UTC. After the specified time, the system will automatically cancel your orders and close positions. For more details, please refer to the announcement.
The full details are in this page.
Tte timelines are in this tabular column that I have screenshot.
BTCEX was apparently established in July 2021, as robust digital asset trading platform. It has lasted only 2 years!!
It offered a wide array of products, from user-friendly copy trading to advanced crypto derivatives like perpetual contracts.
The company was registered in Seychelles and had successfully acquired licenses in several countries, including Canada, Lithuania, and Estonia. As per their website, they had a workforce of over 200 dedicated professionals - I wonder what happens to them. BTCEX operated from multiple office locations in Canada, Singapore, Hong Kong, and Dubai.
So that looks like another crypto exchange down the drain, albeit a smaller one this time.
Have you or will you be affected by the BTCEX closure?
