Txbit crypto exchange to cease operations amid unfavourable market conditions

The Netherlands-based cryptocurrency exchange Txbit said it would cease trading and wind down its operations on September 14.

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The firm cited uncertain regulatory conditions and “unfavourable changes in the market” that have made profitability harder.

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“As compliance costs rise and margins on our products come under sustained pressure, continuing to operate as before has become untenable,” the statement said.

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As of the time of writing, Txbit’s website was temporarily unavailable. The company said it had cancelled open orders and halted trading. Withdrawal of funds is expected to resume thereafter.

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“We strongly urge all our clients to withdraw their funds by 12:00 UTC on 14 September 2023. After that time, it will be impossible to return any funds,” warned the platform’s management.

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The team noted that, due to a likely queue for withdrawals, processing of requests may take time, in part due to KYC processes.

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In March 2023, the Netherlands Authority for the Financial Markets said it intended to take a hard line in enforcing the EU’s new rules on cryptocurrencies.

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Earlier in June 2023, Binance announced that it would leave the Netherlands jurisdiction after failing to obtain a license to operate as a virtual asset service provider from the local regulator.