Decentralized crypto exchange CryptoBridge shutting down, citing ‘increasing regulation’

U.S.-headquartered decentralized cryptocurrency exchange CryptoBridge is closing operations, citing several reasons, including “increasing regulation.”

A notice on the exchange’s website reads that the “difficult” decision has been taken due to “market conditions, increasing regulation, inability to fund further development and maintain operations.”

CryptoBridge had around 320,000 visitors in October, with most from Russia and Bulgaria, according to web analytics firm SimilarWeb. The exchange said its vision was to provide a gateway to decentralized cryptocurrency trading and “did everything” in its power to save the ship from sinking but couldn’t succeed.

All deposits are closing Dec. 3 and withdrawals on Dec. 15, said CryptoBridge, adding that all users have to withdraw their funds in the meantime.

Notably, the exchange also said that all its social media accounts will be closed. However, a Twitter account appears to be impersonating CryptoBridge, which says: “We are only temporarily shutting down. We will be opening a new and improved exchange.”

The Block has reached out to CryptoBridge for further comments and will update this story if they reply.

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Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.