XDEX a Brazilian Cryptocurrency Exchange Shuts Down Operation

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.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.