Some sad news, we are losing yet another crypto exchange. This time it is Txbit that will be leaving us. The good news however is there appears to be no nefarious reasons behind them closing down. Well, sort of at least.

Txbit is closing

The Netherland-based exchange announced recently that it will be closing down the exchange on September 14th. This means that if you have any crypto stored there you should transfer it out of there ASAP. The more S:er the better. The reason they are giving for closing is lower profit margins as well as a more complex regulation and the legal situation surrounding cryptocurrencies around the globe. And the cost that this has with it. 

This is bad news indeed as they are one of the few non KYC, Know Your Customers, exchanges available to US customers. And they have been a staple for less-known Alt-coins as well. This is also bad because it is one less exchange available to us. Meaning the big exchanges just got rid of a competitor. Sure not their biggest competitor by any stretch of the imagination, but still.

It is important to know also that if you have any $TXBIT tokens, they will still be tradeable on Pancakeswap, there will however be more or less no liquidity available after the deadline, so in a sense, they will be completely and utterly worthless. Well for anything other than as a memento. So make sure you get rid of them before the deadline as well. And here it is also the more S:er the better.

So remember September the 14th is the last day for you to get rid of any $TXBIT tokens and get your crypto out of the exchange. Oh and in case you are wondering about the S:er, it is the S from ASAP, so Soon:er. =)

This sadly also is an excellent case of why you should try not to leave your crypto on exchanges. As it comes down to the classic "not your keys, not your crypto". I have also heard some talk about people having problems with withdrawing funds from the exchange already. The largest amount I have heard people having problems with was $25. So keep that in mind as well. Hopefully, tho it where only a temporary issue. 

Have you used Txbit, if so what was your experience? Will you be happy or sad to see them go? Please share your thoughts on them and exchanges in general in the comment section below.

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Picture provided by: https://twitter.com/txbit_io/status/1691048165804290048