Disclaimer: The exchange in question is Liqui.io, not to be confused with the Liquid exchange, a similarly named but entirely different entity.
Cryptocurrency exchange Liqui.io is shutting down, as an official email sent to users reveals.
The email from the Liqui team said that, after a recent change in policy which users were given the choice to opt in or out of, the team was closing all accounts and had no economic incentive to provide services. For those who remained with the exchange after the change in policy, Liqui says that they do not have enough liquidity to support operations.
Recently, we were happy to announce the change in our policies. We gave you the right to decide whether you want to be with us in our Crypto Exchange journey by accepting the changes. Much to our regret, after this step Liqui is no longer able to provide liquidity for the Users left. We also do not see any economic point in providing you with our services. However, we do not want to return to where we were a month ago. Hence, we decided to close all accounts and stop providing our services. It broke our hearts to do that.
We are happy to announce the change in our Terms of Use and other policies. Please, visit https://t.co/K430rliKTt to accept or reject changes.
— Liqui (@Liqui_Exchange) December 28, 2018
Users were allowed to withdraw their assets within 30 days from the change in policy, and now they have been given another 30 days from the date the email was sent to withdraw their assets. Failure to withdraw assets within the stipulated time frame will incur a fee, as dictated by Liqui’s Terms of Use.
The Liqui exchange had several altcoins listed on its platform, and in the last 24 hours has seen a little over $100,000 in trading executed.
The team expressed hope that they will return, but also acknowledged the reality that the crypto market has “significantly changed since 2017.”
They ended their email with a quote by Marianne Williamson, a spiritual teacher, activist, and author: “Every ending is a new beginning. Through the grace of God, we can always start again.”
It has been a slightly rough start for exchanges in 2019. Earlier this month, New Zealand crypto exchange Cryptopia was hacked, and emerging details reveal that roughly $16 million in funds were stolen – some of which was sent to Binance.
