XDEX, a popular Brazilian crypto exchange owned by XP Investimentos, the largest stockbroker in Latin America, announced yesterday that it is ceasing its operations.
According to the official announcement:
"Today, we announce that XDEX is starting the process of closing its activities. Market projection, competition and few regulatory advances reduced the opportunities found at the beginning of the project and were the basis for this difficult decision."
The exchange, which offered its clients a non-custodial crypto exposure service, has given them 30 days to close all their positions and withdraw their funds from the platform. According to the exchange, they will be received directly into the bank accounts registered on the platform within 1 business day.
In addition, if any user does not follow this recommendation and does not close its orders, "after the 30-day period, if the customer has not sold the assets, we will do it on their behalf and the amount obtained from the sale will be deposited in the bank account registered with XDEX within 3 business days."
DEX, which was launched back in 2018 with the aim of capitalizing on the entry of institutional investors in the crypto sector, is the fourth trading platform to shut down in the country after OmniTrade, Latoex and Acesso Bitcoin.
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