Romanian Bitcoin Exchange BTCXChange will close on May 1st, 2018
Bitcoin exchange BTCXchange has encountered problems since its operation in 2014. It recently announced the closure of the company and notified the customer that the exchange will be officially closed on May 1, 2018. On April 22, the BTCXChange team posted a notice on the Exchange's website that required customers to withdraw all balances by May 1. The notice shows that BTCXchange has ceased operation on February 1, but users can still store Bitcoin on the platform.
BTCxChange first urged users to withdraw their funds after denying their programmers control of the server on December 19, 2014. The notice states that the exchange has lost all access to the Bitcoin exchange server.
The exchange closed its business after being listed for sale for nearly a month on August 18, 2016. The then owner, Hosta Oradea Vuscan, sent an e-mail to the customer on September 4, 2016 asking them to withdraw their funds. Then the user received a similar email on September 9.
On the 14th of January 2016, an announcement issued by the exchange chief executive Max Nicula on the website showed that the exchange changed its major shareholder and will re-provide services. Nicula said that they have updated the platform to improve the user experience, ensure security and improve service quality.
On the 22nd of January, 2018, Nicula announced that it had received a letter from IDEA Bank that BTCXchange’s bank account will be closed within 15 days. This is the fourth bank account closed by the exchange within 12 months.
Nicula said:
Nicula requires the user to withdraw the balance in the fiat currency (Rohn, Euro and U.S. dollars) by January 1st, 2018, and all remaining legal currency balances will be converted to Bitcoin. The exchange tried to adopt a new type of service that was not linked to the banking system.
Nicula said that in order to increase trading volume, exchanges need to reduce costs, launch APIs, and carry out “mass investments” in marketing. These actions need to sacrifice short-term profits. However, due to the lack of confidence in the long-term stability of the solution issued by the bank, it is meaningless for the Exchange to make these sacrifices.
In general, Nicula holds promise for the future of cryptocurrencies.
He wrote:
He encourages entrepreneurs to enter the field of cryptocurrencies, seek opportunities for increased value, and avoid establishing partnerships with the banking system. He said:
Nicula concluded by saying:
This announcement includes a list of services that convert legal currency to cryptocurrency, covering Romania's Localbitcoins.com and bitcoinromania.ro; Europe's kraken.com and Bitstamp.net.
The exchange closed its business after being listed for sale for nearly a month on August 18, 2016. The then owner, Hosta Oradea Vuscan, sent an e-mail to the customer on September 4, 2016 asking them to withdraw their funds. Then the user received a similar email on September 9.
On the 14th of January 2016, an announcement issued by the exchange chief executive Max Nicula on the website showed that the exchange changed its major shareholder and will re-provide services. Nicula said that they have updated the platform to improve the user experience, ensure security and improve service quality.
On the 22nd of January, 2018, Nicula announced that it had received a letter from IDEA Bank that BTCXchange’s bank account will be closed within 15 days. This is the fourth bank account closed by the exchange within 12 months.
Nicula said:
We recently decided not to open a new bank account in case these accounts were closed. The reason is that these bank accounts are constantly changing and there is no permanent and stable solution, which hinders the speed at which we develop our business.
Nicula requires the user to withdraw the balance in the fiat currency (Rohn, Euro and U.S. dollars) by January 1st, 2018, and all remaining legal currency balances will be converted to Bitcoin. The exchange tried to adopt a new type of service that was not linked to the banking system.
Nicula said that in order to increase trading volume, exchanges need to reduce costs, launch APIs, and carry out “mass investments” in marketing. These actions need to sacrifice short-term profits. However, due to the lack of confidence in the long-term stability of the solution issued by the bank, it is meaningless for the Exchange to make these sacrifices.
In general, Nicula holds promise for the future of cryptocurrencies.
He wrote:
It is this belief in bitcoin and cryptocurrency that stops us from looking for other banking solutions.
He encourages entrepreneurs to enter the field of cryptocurrencies, seek opportunities for increased value, and avoid establishing partnerships with the banking system. He said:
The cryptocurrency economy provides ample opportunities for business, without subjectivism, and without the need for multiple interpretations.
Nicula concluded by saying:
Finally, thank all customers who have used our service and hope to leave you a positive impression.
This announcement includes a list of services that convert legal currency to cryptocurrency, covering Romania's Localbitcoins.com and bitcoinromania.ro; Europe's kraken.com and Bitstamp.net.
