CryptoBridge shutting down

Cryptobridge officially announced that they are shutting down their platform.

Official statement from
“Important Notice
Dear users,

Ever since we entered the market, our vision was to provide a gateway to decentralized 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, inability to fund further development and maintain operations forced us to make a difficult decision:

With great regret, we’re announcing that CryptoBridge is shutting down.

We want to notify our users that we will terminate all services and servers after December 15 23:59 GMT.

All deposits will be closed after December 3 23:59 GMT with withdrawals following after December 15 23:59 GMT.

All users have to withdraw their funds in the meantime. Please note that user verification is required by EU law for all withdrawals. We highly recommend that you start the process as early as possible as verification can take a few days.

We assure you that the team will focus on support during this period to resolve any possible issues as fast as possible. In case of any issues, please use the wallet internal support system since all other social media accounts (e. g. Discord) will be closed.

Thank you supporting us for so long, CryptoBridge team”

Cryptobridge already terminated their Discord channel and Telegram account.

For withdrawals KYC is now enforced. This is needed to withdraw funds from the website.
BSO staking positions are closed and accounts have been refunded, but the price is dumping heavily already.

This news might come as a surprise to many, especially because Cryptobridge advertised their site as a “DEX” (decentralized exchange). The opposite is true, and Cryptobridge was actually a centralized exchange.

We recommend to users of cryptocurrency exchanges to do their diligent research and find truely decentralized exchanges. Dont be fooled by various centralized exchanges that use DEX in the domain name such as Binance Dex and IDEX. Truly decentralized exchanges will never ask for KYC and can not be shutdown.

We suspect that CryptoBridge is hoping that an amount of users won’t complete KYC and forgo funds in the site.

Leave a Reply

Your email address will not be published. Required fields are marked *