Cryptocurrency

The bear market calls for its sacrifice: the Decentralized stock exchange of the crypto bridge close up

The decentralized crypto exchange, crypto bridge has today announced its closure. The stock exchange recorded in the last 24 hours, a volume of less than 75,000 US dollars – another victim of the extended crypto-winter, by the several crypto-company, the operation had to cease.
Crypto bridge originally wanted to build a bridge to the decentralised crypto-Trading – hence the Name. Now the stock market closes. In the end, it was announced today Morning by an official statement on the Website.
The communication to the crypto bridge “due to market conditions and increasing regulations would not Finance” further development. All deposits in the morning, and withdrawals will be completed in accordance with the 15. December edited. The exchange stresses, however, that according to the EU laws for payments, KYC process is required.

Crypto bridge and KYC issues

These KYC requirements imposed by the crypto bridge to its users some time ago. The decentralized stock exchange surprised its users with a strict Know-your-Customer process for the settlement of payments. For customers with a surprise: The stock market had seemingly stolen their money, and a stranger KYC process enforced.
Crypto bridge claims, in the framework of the Fifth EU Directive on money laundering to be traded. The stock market is that in order to ensure that users do not for illegal activities or money laundering activities are made responsible.
While the KYC Checks for the crypto-currency industry are nothing New, were frustrated the users of the decentralized Exchange has implemented the rules without warning. So they were forced to leave their anonymity to give up to get your money back. A lot of questions: Is an Exchange at all on a decentralised basis, if he requires KYC?

Another victim of the crypto-winter

During the bull run in 2017, hundreds of stock exchanges appeared to be the “next Binance”. The majority of the not successful, and so, it became increasingly difficult to operate with einbrechendem the Trading volume of a stock.
Crypto currency exchange coinexchange.io has existed since 2016, and has also been shut down recently. Similar to crypto bridge the lack of financial resources as the main reason for is called.
Crypto bridge had some unique Trading pairs, reached in the last 24 hours but only has a volume of 75,000 US dollars. The KYC requirement was the last drop that brought the barrel for many users to Overflowing.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.