Brazilian crypto exchange XDEX, which is owned by the largest stock broker in Latin America, announced the end of its activities. The company announced its closure on March 31:
“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.”
Take some time
The company offered non-custodial exposure to cryptocurrencies, so customers have up to 30 days from the day of the announcement to close their positions and fully withdraw their balance in reais on the platform. “When making the withdrawal request, the funds will be sent to the bank account registered at XDEX within 1 business day, according to bank records,” the announcement said, adding:
“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.”
Failed to take hold
Launched in 2018, XDEX attempted to capitalize on the possible entry of Brazilian institutional investors into crypto, since the platform was owned by the partners of XP Investimentos. One of the largest brokers in Latin America, XP Investimentos manages billions in investments.
This is the fourth company focused on Bitcoin trading that closes its activities in Brazil. Before it, Brazilian companies, OmniTrade, Latoex and Acesso Bitcoin also announced the end of their activities. At the end of last year another Brazilian Bitcoin company called Bitjá revealed its closure.
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.