Australian crypto exchange BTC.com.au announced its shutdown on June 17 and said “it is not possible to continue to operate” under the current market circumstances.
“Unfortunately the worst thing that can happen has happened. “
Crypto Winter claims another victim
The Terra LUNA/UST implosion in early May set off a cascade of events that rocked the crypto industry.
What is revealed, including the mismanagement of user funds, a laissez-faire attitude to risk, and accusations of fraud, will undoubtedly give regulators an open mandate to implement tough measures.
This ripple effect has spread to other platforms, highlighting vulnerabilities across the entire crypto industry.
In recent weeks, crypto platforms have frozen withdrawals to remain liquid, claimed major players including Three Arrows Capital (3AC) are insolvent, and several exchanges have announced downsizing.
As the mess unravels, all of the above will put downward pressure on token prices. And, against a backdrop of global economic decline, the outlook is bleak.
Under these conditions, smaller players like BTC.com.au are the hardest hit.
BTC.com.au Says Goodbye
BTC.com.au was launched in 2018 to provide safe and secure crypto trading to Australian users.
“We launched with a vision that cryptocurrency should be easy to access and available to everyone. Today, our platform has grown into a comprehensive trading platform used by thousands of ordinary Australians, just like you!
As a small exchange, details of its trading activities are not listed on data aggregators such as CoinMarketCap. However, only 13 tokens are available, as is OTC trading and the surge in AUD.
Announcing its closure, BTC.com.au said it had grown its team fivefold over the past year and added a range of new features and services in anticipation of further user growth.
However, stock market crashes in the legacy and crypto markets had hit the company hard, forcing its closure. Friday marks the end of all trading and deposits. But, more importantly, unlimited user withdrawals are open.
“We will keep the platform alive until friday july 22 to give everyone time to finalize their accounts and to ensure that everyone has uploaded their business activity reports for tax purposes.
Posted in: Australia, Exchanges
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Crypto Winter Forces Australian Exchange To Permanently Freeze Operations
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