- Brazilian exchange XDEX has suspended its operations due to the market crisis and lack of clear regulations.
- All trading positions will be closed and the exchange customers are expected to withdraw their funds within the next 30 days.
XDEX, a Brazilian exchange, has recently shut down and cited the market crisis and a lack of clear regulations as reasons for the move. The exchange had only been up and running for 17 months and faced multiple challenges throughout its short history. In a statement, XDEX noted that regulatory uncertainty in Brazil was the main reason for their shut-down.
All trading positions will be closed and the exchange customers are expected to withdraw their funds within the next 30 days. If that’s not done, XDEX will sell the assets and deposit the equivalent fiat currency to the concerned user’s bank account.
Some speculate that the exchange is closing down due to claims of fraud. Earlier this year, XP Investimentos was accused of foul play in the US. The investment firm, however, denied such allegations. Investimentos was also allegedly a partner with XDEX. According to a BeInCrypto report, the exchange clarified that the two entities presently have no relationship. Though XDEX wasn’t a major exchange, its closure underscores the difficulties exchanges today have in getting off the ground.
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