Extreme Market Pain Points; Eqonex To Close Its Crypto Services

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●  Eqonex will halt its crypto exchange operations.

●  The company will shut down trading on August 22, and give users until September 14 to withdraw their assets.

  The reason for this action is due to the bearish crypto market.

Nasdaq-listed finance company Eqonex is on track to close its crypto service arm due to the persisting crypto winter. On August 15, Eqonex announced that it will shut down its crypto exchange for trading and withdrawal on August 22 and September 14, 2022, respectively.

Specifically, in their blog post, the company informed that it will not accept deposits on the exchange, effective immediately. The firm also explained that it may take a longer time to process users’ requests due to the higher activities on the platform than usual.

Speaking of the shutdown, the Equinox team said:

We will cease taking deposits immediately, but please be assured that your assets remain safe and available for free withdrawals.

To elaborate, EQO, the utility token of Eqonex, has now stopped trading on the Eqonex exchange. Currently, the team is taking input on EQO and is also working to enable withdrawals, as the token was earlier “captive to the Eqonex ecosystem.”

Moreover, Eqonex will close trading on 08:00 AM UTC on August 22, and users can continue accessing their accounts to close positions until this date.

Likewise, as mentioned, the platform will close its withdrawals on 08:00 AM UTC on September 14. Until then, users can access their accounts to transfer or withdraw their fiat and digital assets.

Consequently, Jonathan Farnell, chief executive of Eqonex, remarked that the ongoing market volatility and tumbling trading volumes have severed the pressure being felt by the exchange operators

We don’t see value in continuing to bear the costs of operating an exchange during what may be a prolonged market downturn.

Regarding its sources, Eqonex has planned to redirect them to Digivault, the platform’s digital asset custody and management business. With this, the company expects to “offer the most potential revenue growth and long-term financial sustainability.”

Launched in May 2020, Eqonex is a Singapore-based centralized crypto exchange that works under its parent company, Diginex. This parent company is the first crypto exchange-owning company listed on Nasdaq.

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