In a painful announcement today, the famous cryptocurrency exchange, Txbit, has revealed its heartbreaking decision to shut down its services effective September 14th, 2023. The Exchange is ending all its services due to ongoing strict crypto regulations and the uncertainty regarding the official status of cryptocurrencies in numerous countries. The news has sent shockwaves to the entire crypto world and all the investors and users are in a state of shock as a result of this news.
Txbit Cryptocurrency Exchange Stops Operations Amidst Economic Challenges
In a statement that highlights the challenging economic environment, cryptocurrency exchange Txbit has made its decision to stop its operations. The company which started its journey with a clear vision is now facing impassable challenges that force it to stop its services. For Txbit, carrying on, as usual, has become impossible due to increasing compliance costs and relentless pressure on product margins.
Txbit will go through a planned offline period on August 14, 2023, for around an hour. During this offline period, the exchange will take steps to cancel all open orders and simultaneously impose the cessation.
The exchange has directed its customers to withdraw all of their funds by 12:00 PM UTC on September 14, 2023. The firm has also warned that any money left over after September 14, 2023, won’t be able to be recovered.
Txbit Token Set Out to Burn 95.65% of Non-Circulated Supply, Aiming for Enhanced Scarcity and Value
In an important move, the Txbit Token has announced its intention to burn a significant portion of its non-circulated supply in the coming days. This bold decision will see a startling 1,510,406,151.2992582 Txbit tokens, which is equal to an impressive 95.6559% of the total supply will be permanently removed from circulation. This move aims to increase the token’s scarcity and it could also imrove its value proposition.
