XDEX a Brazilian Cryptocurrency Exchange Shuts Down Operation


Brazilian crypto exchange XDEX, operated by Latin America’s biggest stockbroker, announced the end of its operations. The company reported its end on March 31:

“Today we report that XDEX is beginning the process of ending its operations. Market forecast, competitiveness, and little legal changes limited the prospects seen at the start of the project and led to the development of this tough decision.”

Extended Period of Closure
The company is offering non-custodial access to cryptocurrencies, so clients have access to 30 days from the notification day to exit their positions and completely withdraw their funds on the exchange in reais.

“Upon initiating a withdrawal order, the money is sent to the bank account identified with XDEX within 1 business day, based on financial documents,” the statement concluded, contributing:

“After the 30 days, unless the customer has so far not transferred the assets, we will do just that on their behalf and transfer the amount received from the transaction into the bank account identified with XDEX over 3 business days.”

Anticipated Partnership Unsuccessful
Started in 2018, XDEX doubled down on the potential entry of Brazilian institutional investors into cryptocurrency, after XP Investimentos stakeholders founded the company. One of Latin America’s biggest brokers, XP Investimentos oversees investments worth billions.

This will be the fourth Bitcoin trading firm that ends its operations in Brazil. Brazilian firms, OmniTrade, Latoex, and Acesso Bitcoin have reported the termination of their operations before it. Yet another Brazilian Bitcoin business called Bitjá reported its shutdown at the end of last year.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.