On Monday the 2nd of December 2019, CryptoBridge announced that they would shut the doors to their exchange. Blaming poor market conditions, increasing regulation and the inability to further fund development, it looks like they’re cutting their losses and moving on.
CryptoBridge aspired to be the answer to decentralized exchanges until the tide turned and Customers using the platform revolted over the introduction of mandatory KYC due to the ” 5th EU Anti-Money Laundering Directive (AMLD5)”. Unfortunately social media sites like Twitter an Reddit grabbed a hold of this news and seeing as KYC is generally frowned upon by Traders and Investors alike due to various reasons including privacy concerns, it wasn’t long before people exited the exchange with what they had left.
Decentralized Exchanges have had a rough ride lately with once popular Exchange IDEX having to implement similar KYC requirements which saw volume on the exchange plummet shortly afterwards while other smaller exchanges have simply dropped off the map without much of a whisper. CryptoBridge Users have until the 15th of December to withdraw all funds before all “services and servers” are completely shut down after which time we imagine withdrawing funds from the exchange would be extremely difficult. It appears the official CryptoBridge Twitter has already been taken down.
We put in a lot of hard work and did everything in our power to make the outcome different, but market conditions, increasing regulation, inability to fund further development and maintain operations forced us to make a difficult decision: With great regret, we’re announcing that CryptoBridge is shutting down.CryptoBridge Team
What’s next for the Decentralized Exchange space? As the crypto space attracts more Investors, many exchanges are starting to feel the heat as some are forced to implement KYC across the board. Join us on Twitter and let us know what you think!