Decentralised exchange CryptoBridge closes amid regulatory concerns

CryptoBridge will cease trading from December 15 as a result of 'increasing regulation' and 'difficult market conditions'

Decentralised cryptocurrency exchange CryptoBridge is shutting down due to “difficult market conditions” and “increasing regulation”.

CryptoBridge launched in 2017 and operates on top of the BitShares network, which was created by EOS founder Dan Larimer.

The content on CryptoBridge’s website and social media channels has now been removed. It has been replaced with an announcement to customers in which the exchange details the reasons behind the closure.

It states: “With great regret, we’re announcing that CryptoBridge is shutting down.

“Ever since we entered the market, our vision was to provide a gateway to decentralised crypto trading. Our primary goal was to connect users and traders of crypto assets with new, state-of-the-art projects and to consistently provide superior service.

“We put in a lot of hard work and did everything in our power to make the outcome different, but market conditions, increasing regulation, and the inability to fund further development and maintain operations forced us to make this difficult decision.”

Deposits to the exchange will be halted on December 3, while all servers and services will be turned off on December 15.

Following its demise, CryptoBridge joins the long list of decentralised exchanges that have failed to gain traction despite an apparent wave of demand in 2017.

EtherDelta was the primary decentralised exchange during the hype-driven ICO wave in 2017, but the business was eventually sold before closing its doors months later.

Binance launched its own DEX earlier this year, although volume on the centralised exchange still beats its decentralised counterpart by a significant distance.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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