GO.Exchange has just announced that it will close all operations of its exchange on March 15th, 2020. As of today, it is no longer accepting new customers.
A relatively obscure exchange has announced it is closing its doors. GO.Exchange has ceased all operations, and users cannot make trades anymore. Withdrawals will be allowed until mid-March, and then the exchange will close permanently.
GO.Exchange Closes Its Doors
In an announcement made today, the GO.Exchange team said that they began to build the project in the summer of 2018. However, it failed to catch on in this crowded industry. Beginning operations during the bearish winter of 2018 was also a major obstacle the team was unable to overcome. The announcement implies that regulatory pressures also led to further complications. GO.Exchange was apparently set on receiving a license in Malta but decided to “stop this effort due to external factors.”
All of the social media legacy accounts associated with GO.Exchange on Telegram, Reddit, and Twitter will also be closing down. As of now, the plan is to shut down the exchange on March 15th, 2020, and the social media accounts will be closed by March 31st, 2020.
The First Exchange to Close in 2020
Although GO.Exchange is likely the first exchange to go out of business in 2020 so far, 2019 also saw a fair amount of exchanges follow the same fate. For example, BeInCrypto reported that Coinexchange.io shut down in December due to financial insolvency. Around the same time, CryptoBridge also announced it would be closing down. There are, of course, countless other examples.
Other exchanges felt the burden of regulatory pressures in 2019 and failed to comply, which led to shutdowns. In November, some 173 cryptocurrency exchanges and token-issuing platforms were shut down in China due to regulatory reasons. GO.Exchange seemed to indicate that mounting costs surrounding Maltese regulations made their platform simply unprofitable. Sadly, this is the same story with many other exchanges and GO.Exchange definitely won’t be the last.