The crypto exchange platform Txbit announced the closure of its services on September 14th, 2023, due to challenges posed by changing regulations and market conditions in the cryptocurrency space.
On August 14, 2023, Txbit will go offline for about an hour to cancel all open orders and shut down the trading feature. The platform will be back online after this process is complete, and users will be able to withdraw their funds.
The firm advised customers to withdraw their funds before 12:00 PM UTC on September 14th, 2023, as any remaining funds after that date will not be recoverable.
Txbit tokens that have not been circulated will be burned, removing 95.6559% of the total supply. The Txbit token will still be tradable on Pancakeswap in the future.
Txbit’s closure reflects the growing challenges crypto platforms face amidst evolving regulations and market shifts. Their proactive approach to user fund withdrawal and token management shows a responsible exit strategy.