Home Cryptocurrency South African Crypto Exchange Ceases Operations Less Than a Month After Suspending BTC Withdrawals – Exchanges Bitcoin News

South African Crypto Exchange Ceases Operations Less Than a Month After Suspending BTC Withdrawals – Exchanges Bitcoin News

by Serge Shlykov

South African Crypto Exchange Ceases Operations Less Than a Month After Suspending BTC Withdrawals – Exchanges Bitcoin News


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South African cryptocurrency exchange Ice3x announced on 6. April has announced that it will permanently cease operations, less than a month after it suspended bitcoin and litecoin withdrawals. Ice3x, one of the oldest cryptocurrency exchanges in the country, says it made the decision after lawyers advised it to start liquidation proceedings.

Extreme pressure

In a statement issued on 6. April was sent to customers, the exchange says it has processed the reviews already submitted and therefore all reviews have been deactivated by the platform. However, in the same statement, Ice3x urges frustrated customers to remain calm and respectful.

The application continues to work:

Staff are currently under great pressure and can only provide assistance as instructed. We understand your frustration, but please be courteous when contacting the technical support staff.

According to a press release, Ice3x should be the 7. April to provide more details and next steps. At the time of writing, there were no new updates on the interchange website.

Liquidity issues

However, according to a report from a local crypto media, the 16. The March announcement may have been due to liquidity problems the exchange was facing prior to the trading halt. In support of this theory, the report quotes an unidentified and disgruntled Ice3x customer who claims that when the value of bitcoin fell, the stop losses on his order were not executed at the desired trigger price, but at a much lower price.

According to a local report, this problem indicates a lack of liquidity on the platform needed to cash these types of stop orders. At the time of writing, Gareth Grobler, founder and CEO of Ice3x, has reportedly not responded to requests for further information.

Meanwhile, information on the exchange’s website shows that Ice3x has released about 14 updates since the exchange initially reported discrepancies in balances. In its latest update, the exchange asks its customers not to create multiple tickets, as this only increases the workload and the number of tickets the team has to process, which significantly slows down operations.

What do you think of Ice3x’s decision to cease operations? Tell us what you think in the comments below.

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