Brazilian crypto exchange XDEX shuts down, citing regulatory uncertainity.

Brazilian crypto exchange XDEX announced to shut down its services, citing market crisis and a lack of clear regulations as reasons for its demise.

The Brazilian crypto exchange, XDEX, is now officially closed. The exchange cited market crisis and a lack of clear regulations as reasons for its closure. Customers of the exchange are expected to withdraw all their funds in the next 30 days. 

 

The exchange denies claims of fraud.

There was some speculation that XDEX closed due to claims of fraud, but the crypto exchange denied such claims and said that market risks and regulatory uncertainty were reasons behind its demise. The closure of the XDEX exchange indicates that how regulations around cryptocurrency are getting more strict, and it has become difficult for new crypto exchanges to establish themselves globally without getting acquired by already existing global crypto exchanges.  

 

Countries continue to enforce FATF guidelines. 

Countries all over the world are enforcing FATF guidelines to regulate the crypto industry. Singapore, South Korea, and Japan are some of the countries that have already enforced FATF guidelines to regulate the crypto industry. There are only four months till the deadline approaches for the implementation of the FATF guidelines. However, the crypto industry and crypto enthusiasts have been quite critical of the proposed guidelines as it forces crypto exchange to remove the anonymity feature while dealing in cryptocurrency. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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