eqonex, eqonex asset management, eqonex crypto, eqonex crypto exchange, eqonex custody, eqonex derivatives, eqonex exchange, eqonex shuts down exchange

The Nasdaq-listed firm Eqonex is closing its cryptocurrency exchange business. The company cited high competition among crypto trading platforms and fallen volumes as key reasons for shutting down its exchange.

Eqonex Closing Crypto Exchange

Eqonex Ltd. (Nasdaq: EQOS), a digital asset financial services company, announced the closing of its spot and derivatives cryptocurrency exchange Monday. The announcement states:

The company will proactively exit the crowded crypto exchange space by closing the exchange.

The Eqonex exchange will close for trading on Aug. 22 at 8 a.m. (UCT) and for withdrawals on Sept. 14 at 8 a.m. (UCT). All withdrawal fees will be waived, the announcement notes.

Eqonex explained that intense market competition, low margins, and the significant technological load required to ensure optimal performance “has made running a profitable exchange increasingly challenging, especially in the current environment where crypto exchange volumes have fallen.”

The Nasdaq-listed company will focus on crypto asset management and custody services going forward. The firm’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 U.K.

Eqonex CEO Jonathan Farnell commented: “The recent extreme market volatility and declining trading volumes have added to the headwinds being felt by exchange operators.” He added:

Our asset management and custody business, Digivault, have already made solid progress with the additional resources that we have allocated to them recently.

NEWS RELATED

Binance and Kazakhstan to Share Information About Crypto-Related Crime

Cryptocurrency exchange Binance has agreed to support Kazakhstan in ensuring the safe development of the country’s crypto market. The trading platform and Kazakhstan’s financial regulators intend to inform each other about cases involving the use of digital assets for illicit purposes. Binance Exchange to Help Kazakhstan Authorities Combat Crime ...

View more: Binance and Kazakhstan to Share Information About Crypto-Related Crime

Ico Speaks: Top Crypto and NFT Marketing Agency in 2022

press release PRESS RELEASE. It can be increasingly frustrating when someone has a worthwhile crypto and NFT project but cannot find a way to gain enough engagement. Many people fall into this category, believing they can handle promoting their crypto and NFT projects only to be swallowed by other ...

View more: Ico Speaks: Top Crypto and NFT Marketing Agency in 2022

Federal Energy Agencies' Unwillingness to Act on White House's Crypto Mining Recommendations Miffs US Lawmaker

Jared Huffman, a United States lawmaker who advocates for increased scrutiny of crypto-mining entities, has reportedly chastised U.S. energy agencies that he accuses of failing to act on the White House’s call on them to do “reliability assessments of current and projected crypto-asset mining operations on electricity system reliability ...

View more: Federal Energy Agencies' Unwillingness to Act on White House's Crypto Mining Recommendations Miffs US Lawmaker

New Study Names Gameta as the Gamefi Project With Highest Monthly Subscribers

The latest data from Coin 98 Analytics shows the Web3 gaming platform Gameta as the top-ranked gamefi (the intersection of gaming and finance) project after it garnered 1.85 million recorded subscribers by September 28. The data also shows that the top five gamefi projects alone accounted for more than ...

View more: New Study Names Gameta as the Gamefi Project With Highest Monthly Subscribers

Decentralized Web3 Protocol Golden Raises $40 Million Backed by A16z

Golden, a startup that seeks to build a decentralized data hub, has raised $40 million dollars in a Series B funding round. The round, which was led by a16z crypto, will allow the company to keep building its concept, which revolves around combining data submission and validation with Web3-based ...

View more: Decentralized Web3 Protocol Golden Raises $40 Million Backed by A16z

Billionaire Hedge Fund Founder Ray Dalio Steps Down as Co-CIO of Bridgewater Associates

Billionaire hedge fund founder Ray Dalio has stepped down as chief executive of Bridgewater Associates, according to a transfer of voting rights on September 30. Bridgewater’s co-chief executive explained on Tuesday that “Ray no longer has the final word,” in regard to the hedge fund’s future. Hedge Fund Giant ...

View more: Billionaire Hedge Fund Founder Ray Dalio Steps Down as Co-CIO of Bridgewater Associates

SEC Chair Gensler Insists Most Crypto Tokens Are Securities — Says 'the Law Is Clear'

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reiterated that most crypto tokens are securities, emphasizing that “the law is clear on this.” However, the Commodity Futures Trading Commission (CFTC) has asked Congress for authority over crypto spot markets and several bills have been ...

View more: SEC Chair Gensler Insists Most Crypto Tokens Are Securities — Says 'the Law Is Clear'

Top US Regulators Urge Congress to Pass Legislation on Crypto Assets

The U.S. Financial Stability Oversight Council (FSOC), a group of the country’s top financial regulators, has urged Congress to pass legislation for the regulation of crypto assets. Treasury Secretary Janet Yellen said: “Crypto-asset activities could pose risks to U.S. financial stability if their interconnections with the traditional financial system ...

View more: Top US Regulators Urge Congress to Pass Legislation on Crypto Assets

NFT Collection Veefriends Physical Collectibles to Debut at Macy's and Toys'R'Us

Bankrupt Crypto Lender Celsius' Asset Sale Is Scheduled, Sources Say FTX CEO May Bid

NYSE Halts Twitter Trading After Report Says Elon Musk Plans to Follow Through With Acquisition

Mastercard Debuts Blockchain Surveillance Tool for Banks and Crypto-Centric Card Issuers

Biggest Movers: MATIC Hits 3-Week High, LINK up Almost 10%

Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000, USD Hits 2-Week Low

Cryptocurrency Is Losing Popularity as Investment Vehicle in US, According to Bankrate Survey

The Coorest Carbon Standard Now Officially Certified

Argentine Oil Subsidiary YPF Luz Powering Bitcoin Mining Activities With Residual Gas

Report: UK Gold Dealer Sold Out of Bullion After Pound's Record Fall Causes Demand to Skyrocket

Kenyan Central Bank Rejects Deputy President Rigathi Gachagua's Claims Country Lacks Forex to Import Oil

DeSo is Elon Musk and Jack Dorsey’s Answer for Decentralized Social Blockchain

OTHER NEWS

Breaking thailand news, thai news, thailand news Verified News Story Network