GO.Exchange closed. How will this affect us?
Cryptocurrency trading platforms are rapidly gaining popularity. Every day, on such well-known resources as Binance or Exmo, transactions amounting to tens of millions of dollars are held. Large investors cooperate with exchanges. Serious companies support the work of many sites. And everything is going well. But only at first glance. Sometimes some exchanges close on their own. This is what happened with GO.Exchange. The exchange today announced its closure. Let’s see what this event means for the market and ordinary users. Let’s get started.
A bit about the exchange itself
It is worth noting that GO.Exchange is not as popular as Huobi or Bybit. The platform is a subsidiary and, therefore, is under Omise Holdings control. Recall that this company owns the cryptocurrency OmiseGO (OMG). The company actively supported its own platform, but conditions have changed dramatically. According to the official statement of the company representatives, it is simply impossible to support the work of the exchange. The main reason for the closure is inconsistency of legal status and active pressure on cryptocurrencies. Roughly speaking, the site could not come to terms with the changing market conditions and decided to cease to exist.
The project did not work long. The opening took place in March last year, the main office – in Malta. With licensing immediately there were problems, all the fault of local legislation. Now that the site is officially closed, no transactions other than withdrawals are available. Note that users are given the opportunity to withdraw all money until March 15, 2020. So if you have ever worked with GO.Exchange – check if there are any funds left in the account. Hurry to reach a conclusion, while there is such an opportunity.
Is closing GO.Exchange an alarm?
An experienced user probably remembers that recently the XRP exchange closed. This is not the first case of such a cessation of work. If you look at all the situations together, you can really notice a harmful trend. But do not worry. Closures are mainly due to a new EU directive that controls money laundering through digital assets. The law affected only small sites, which were at a loss and could not find a compromise together with representatives of states. Account holders on large exchanges should not worry. Most likely GO.Exchange is the last exchange to close in the next few months.
Keep calm, we will notify you of all the important events of the crypto industry. We remind you – never keep large amounts even on the most reliable cryptocurrency exchanges. These resources are not sufficiently protected from hacker attacks, save your money on a reliable wallet. Follow the news with us, we publish only high-quality and interesting material. Thanks for attention. Good luck!