Nasdaq-listed Eqonex is closing its cryptocurrency exchange business. The company cites high competition among crypto trading platforms and declining trading volumes as the main reasons for the exchange closure.
Eqonex Closes Crypto Exchange
Eqonex Ltd. (Nasdaq: EQOS), a digital asset financial services company, announced Monday the closure of its spot and derivative cryptocurrency exchange. The announcement stated that.
By closing the exchange, the company is actively exiting the crowded crypto exchange space.
The Eqonex exchange will close for trading on August 22 at 8 am UCT and for withdrawals on September 14 at 8 am UCT. It has been announced that all withdrawal fees will be waived.
Eqonex explains that intense market competition, low margins, and the large technical load required to ensure optimal performance “make it increasingly difficult to perform profitable exchanges, especially in the current environment of declining crypto exchange volumes.”
The Nasdaq-listed company will now focus on crypto asset management and custody services. The company’s asset management business includes Bletchley Park, a fund of crypto hedge funds. Digivault, the group’s digital asset custody business, is registered with the Financial Conduct Authority
in the UK.
Jonathan Farnell, CEO of Eqonex, commented:” Recent extreme market volatility and declining trading volumes have added to the headwinds felt by exchange operators.” He added,
Our asset management and custody business, Digivolts, is already making solid progress with the additional resources we have recently allocated.
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