• In an official announcement, Brazilian crypto exchange platform, XDEX announced complete termination of services citing regulatory uncertainties, among other reasons.

XDEX, owned by the largest stock broker in Latin America, stated that the decision of shut down of activities was taken due to reduction in opportunities since its inception in 2018, which was a result of market projections, market competition and regulatory uncertainties in the country.

The company assured a safe turn of events and ensured that all the contractual obligations will be adhered to. The company stated that customers will have 30 days from the day of announcement within which they should be able to close their positions and withdraw their funds in fiat. On making the withdrawal request, the funds will be sent to the customers’ registered bank account within one business day as per the bank records. The announcement also stated:

“After the 30-day period, if the customer has not sold the assets, we will do it on their behalf and the amount obtained from the sale will be deposited in the bank account registered with XDEX within 3 business days.”

The company stated that in addition to the entrepreneurial challenges, the crypto market still remains in the rudimentary stage of exploration, which continues to pose several challenges.

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