CryptoBridge Closes Down and Waves Relaunches, DEXs Face Tough Times
DEXs and the regulatory uncertainty surrounding them DEXs are cryptocurrency exchanges that allow users to retain ownership of their funds and private keys. A cautious DEX that expected regulatory scrutiny from the get-go CryptoBridge was founded in July 2017 as “a gateway which provides access to BitShares: a high performance, scalable blockchain” that, in turn, allows users to trade established cryptocurrencies as well as “up-and-coming tokens and altcoins.”.
In October 2019, the exchange announced that all its new and existing and customers were required to submit user verification before continuing to deposit and withdraw funds in order to protect both themselves and CryptoBridge from “being held responsible for any illegal intentions or money laundering activities.” CrpytoBridge trader and Reddit user u/Apollohasgas told Cointelegraph that they cannot transfer their funds out of the platform: “About 6 months ago I logged on to Cryptobridge and deposited about $800.00 via BTC (In addition, I had maybe $500.00 left in the account from prior trades).
BTC |
$ 70706.04
|