Bitcoin Forum

CoinExchange exchange has declared it will close during this time over money related troubles it has been confronting, if you have coins or tokens on this exchange now is your chance to withdraw them before its too late, users have till October 15 deadline, the exchange pass this message through mail and it says

Unfortunately it is no longer economically viable for us to continue offering market services. The costs of providing the required level of security and support now outweigh our earnings.

I don't know if this is an exit scam like the rest or just a normal fund issue that makes them want to close down but if its an exit scam users won't be able to withdraw their funds right?

They clearly mentioned why they are going to close their exchange so how can we consider this an exit scam?

They even gave time to withdraw your coins so if anyone have funds urge to your account and move funds ASAP.

Usually an exit scam will not give us an opportunity to withdraw our money, they would close their service immediately and giving us the warning afterward.
that requires us to wait for long period of time(an excuse), but Coinexchange gives us a chance to do that.
we are still able to withdraw our money which means they are not exit scam but have a problem with financial issues. I am not sure about this 100% since someone out there might have a problem with their money on that exchange. If someone unable to withdraw their money, it can be considered as a scam but for now, I see nobody.

I also received a newsletter that they are going to close so why a scam title, they did the right thing announcing that they are going to close shop and properly informing their users that they are closing and ask their users to withdraw the funds they have on their platform, so where is the scamming here, they did not close without informing people.

An exit scam wouldn't give any notice of their closure. But with their announcement, they have given a certain period of time for their users to withdraw all of their existing funds.
They gave reason of why they are closing and they are not trying to run the funds of their users so I don't think it's an exit scam.

I’m sorry mate but your title is so wrong and I have to disagree that they’re a scam. They’re a decent exchange since I used them to trade, including MB8Coin.

I would call them a scam if they blocked us from withdrawing all our assets there. I did received a message from them about not continuing their services anymore.

Their reason is so decent and reasonable, so I have to respect that. It’s just that we don’t need a lot of exchanges anymore, in which they cannot compete with bigger ones like Binance, KuCoin, OKex, etc. Just my own opinion only.

Since they have given users and traders enough time to withdraw funds then this can't be considered a scam exit, scammers will never waste time on users and allow them to withdraw money from the platform, it could have be a different story if coinexchange has private token for their exchange just like bnb token stand with binance

I am not happy about this message. Its completely misleading. How come this will be scam when they clearly mention about what needs to be done well in advance. Its just English language understanding issue? Please don't make such FUDs.

It is not an exit scam as they are offering opportunity for users to withdraw their funds. The prior notification is good practice if your wish to close a company that has substantial investment from the public. The bear market has really not be good for all crypto-related businesses. Many more exchanges have very low volume, what you see on CMC are inflated volume.

Well they made their announcement clear so it is not considered scam. If you have funds there and have not been reading their announcement and end up not withdrawing your funds when they close, it is not their fault but yours. I had used their platform several times and never had problem with it, so they have no intention running away with users money. It is a decent exit.

I haven't used Coinexchange for a long time but it's a pity that the exchanges must be closed for a long time ,,

Just as Cryptopia experienced an old exchange that did not last long and lost with a newly released exchange.

So far it looks like they are facing funds issues and they had to close the exchange but what tickles me is how they survived in that full bear market and cannot survive now ? I think they made a lot of profit and they simply don't want to hold the exchange anymore but they could at least try to sell it.

I never used this exchange as I don't sign up on tier 3 exchanges for security reason , volume reason and also for because of the big fees.

This exchange is very reputable and up to now there has not been any problem regarding the withdrawal of investors so they are very reputable. I think their stopping is unexpected because the current market has not been able to help this exchange to develop well in recent times and many investors feel very sad when this news comes out. Hopefully the coinexchange development team can plan a new exchange to launch in the future and I will definitely be the first to participate in that exchange.

If what Coinexchange is doing today is not a scam. Of course if they commit fraud, they will not give information about closing the exchange. While Coinexchange gives users faster information in order to be able to withdraw balance from I Coinexchange. So understand the true meaning of scam.

Quote from CoinExchange:
WE ARE CLOSING DOWN SOON.
Read the announcement (https://www.coinexchange.io/news/post/85) for full details.
Please make sure all withdrawals are completed before the 1st of December 2019.

The action taken by coin exchange is unlike the exit scam exchanges we have always known. A prior announcement by the exchange team is an indication that it is not an exit scam. Also, funds will be released to owners who request within the stipulated time frame, which is enough for any active crypto enthusiast to do that.
It is just quite unfortunate the the team will not be able to continue with the exchange, because it is the first exchange I traded on when I started with crypto.

I had already withdrawn my money from there last hours, and I didn't get any problem with it. I have used it so many times to trade shitcoin, and I never got a question. The main reason is due to the maintenance cost of exchange site is growing a lot. And the fees that already collected by coinexchange can't cover all of the operation costs, especially for security maintenance which needs a lot of money.

Just because this is a small exchange site doesn't mean if it will always be closed due to the exit scam. I have used it since a few years ago and never face something complicated like what I have discovered before in another exchange site just like latoken. The only problem is this exchange site is manipulating its trading volume.

This coinexchange issue is not something i can judge instantly now, why don't we wait and see if all traders and users will be able to withdraw their funds successfully? then we will know if this exchange exit scam or not, i will be waiting for answers from the exchange users

Some of my friends have successfully withdrawn their assets there and coinexchange also gave announcements about the reason for closing the exchange. I think their reason is very reasonable in the current condition of the crypto market and we should know that they also give a grace period for their users to withdraw their assets from there. They also say that they will return in the future, if market conditions change, so I assume that coinexchange is not a scam.

Whats up with the clickbait titles and post? Clearly this is not an exit scam. They announced their closure well in advance and are honoring withdraws. Where is the scam, dude? I'm not sure they are hurting for money. Probably more like they made enough money already and dont want to keep spending it to keep the exchange going.

Well if they wanted to scam people, they could. They could just take all the money and close the exchange, they did not do that. They are now letting pople withdraw their money from the exchange so they do not lose any fund. I think they have a fund problem or some other team issues, we cannot know. I hope they get back up soon, I am glad they did not scam anyone.

They are just shutting down, because of the lack of interest of traders. Without traders, there is no commission fees and as a result no profit. However, they are not scammers, because they are giving people time to withdrawal their assets before the deadline.

This is not consider an exit scam because coinexchange notice people to their shutdown meaning people will have an opportunity to withdraw their fund before the closure on this exchange site main reason I see why they shuting down their exchange site because of low volume and lack of interest of the trader.

It's a usual exchange closing down due to lacking the profit to keep up their services, the title of this topic already has its own answer which is fund issue and there's no way an exit scam letting people withdrawing their money but if there's any news regarding problem about withdrawal it may turn into an exit scam.
The competition is kinda tough considering so many exchanges have popped out lately and this one seem couldn't hold any longer. as I see hosting IEO is one of main earning for a newly made exchange with relatively low users. if OP still not sure just keep a watch about this one site and see whether there's someone complaining about the withdrawal.

If it is an exit scam they will just disable withdrawal, without an announcement, this is not fair, they want to go without giving investors and traders problems you should change your title, there is no scam that's going to happen because they want all their investors to withdraw all their coins, because they of a valid reason which is they are closing shop.

There is proper notification provided to each and every user who have been into coinexchange for all the trading needs. Upon the perfect information provided this doesn't look like an exit scam, but there is some plan to closure the exchange service. Also they've provided a long time period to withdraw the funds from the exchange wallet which makes the reason to be legitimate in other way.

Its not a scam exit, many have already withdrawn their funds successfully off the exchange with no problem at all but if there are still those who haven't do the same the time it ticking, once the deadline gets here its over, if this is a scam exist there will not a enough time for users to withdraw funds

It sure doesn't look like an exit scam, just withdraw everything you have over there, and you will be fine.

And I must say, with all the bear market and decreased volume and liquidity and all that, it's not very strange for an unpopular exchange to say this is not a profitable business for us.

What is the reason you are accusing as a scam, the e-mail quote above already explains why they closed the exchange service and gave instructions to users to withdraw coins before the deadline.

I don't think its an exit scam. they announced that they will closed the exchange and you need to withdraw the token or coins you have on them, maybe its an inside issue of maintenance issue as theres not a lot of traders trading to them.

It's unfair to connect Coinexchange to scam, maybe fund issue, the title is all wrong and people might think that they are going to close because of scam issue, they have done the right thing announcing it in their newsletter and all their social media profiles, they even extend the days for members to withdraw their coins.

There could be liquidity issues that forced them to close their doors, but until someone actually complains that they have not been made whole in this whole situation, it's indeed unfair to call them an exit scam.

After all, they've announced their intentions to close the exchange well in advance. It's not like it's coming as a surprise to anyone else.

But for people who still have a balance on this exchange, it would be stupid not to withdraw it straight away. From my experience from previous exchange closures, the longer you wait, the more risk your funds are going to be at. Especially when withdrawals stop being processed automatically.

Coinexchange was far better than many high ranking fake volume exchanges. But it was a very underrated, there wasn't any scam accusation or negative vibes on Coinexchange. The exchange team easily could scam people, but they are legit and they are real human beings. That's why they gave a long time to withdraw funds from its member dashboard! Actually, Coinexchange wasn't in the profit zone, so, without profit, no one will continue business in any sector. I hope one-day Coinexchange will come again when the crypto market becomes better than now!

Some people do really have some loading or slow comprehension or just simply doesnt know how to read up on whats the actual reason why Coinexchange plans to close its doors.
Its clearly stated that their operation isnt already feasible on their side which means they are not already profitable to run even longer.The good here is that they are refunding their users so that ever they close up their exchange there would be no issues on their side or no one would sue them up.Hopefully that all exchangers should be like this where closing its doors without forgetting to return their users funds.

I hope OP can change this thread subject as it could be misleading and make some of users feel uneasy.
It's very clear from the announcement on the website that they asking users to stop Depositing and start to withdraw their asset.
Running exchange is hard if no volume. No volume mean no income from trading fee, not to mention the listing fee might cheap too.

if i had to guess they are insolvent, probably from a hacking they dont wanna admit
basically pulling a Cryptsy
Atleast, unlike Cryptsy, they are just folding, instead of trying to run on a fractional reserve
Another exchange down :(

You should change your title because coinexchange.io is not a scam project. If they tried to cheat they would not have told in advance that they will shut down their website. They have givens us two months to transfer our money from coinexchange.io. They are shutting down their websites because of the low volume.

Actually I think they are force to lower down there listing fee so that they can survive but sadly they still failed to lift up there financial status since they still didn't get more profits and volume to make there exchange go healthy again, But really it's a good thing for them to let there remaining traders to withdraw there funds since it brings good stand on crypto world since If they select to scam user for sure it will create another bad reputation on other exchangers in crypto space.

  In these days, i have seen a lot of exit scam exchange but coinexchange is different than others. They announced honestly to their members to withdraw the funds several time with e-mail.

  This is coinexchange's official announcement.


  

In announcement is clearly stated that only trading and deposits will be suspended on 15th October. Everyone can withdraw funds till 1st December - probably untill this date they have been paid for security system and website support.

I'm sorry they have to close down, but that's definitely not exit scam.

we have had so many exchanges closing down and a large percentage of those still functioning could join soon. There are rumors that all japan exchanges are planning to close down few months, if not the support that just came. I dont support any exit move from any cryto project, they cant be trusted at all. I like to know if they will come back if market get healthy?

No one exchange will be back just because market get more healtier than now. Once they decided to closing down, it's the end of that exchange. With their announcement like that, it's clearly if their closing isn't exit scam just like other exchange which closed without any announcement.
IIRC i was used coinexchange once, there was no any problem though. Sad to hear that news

We would really have that kind of sympathy to those sites or services which doesnt have any issues into its users regarding into its service rather or compared to those sites who do just completely shutdown without prior notice or announcement and the worst is that they do exit scam.

No exchange will comeback because the trend or the market tends to be good once again.Possibly the might reconsider it out but for sure it would be on different name or would simply
use it up their old ones.

There are just a humors crypto is also a big market in japan and more people there are able to use even bitcoin in many merchant there daily . If its too this will have a big effect to bitcoin price and the expected bull market will not gonna happen.

Similar to 50 cent declaring bankruptcy to avoid loosing money, If I know I can announce closure of my exchange in this bear market to prevent suspicion and loss fund, I will do that. It has turn to the order for exchanges to save their profits in recent market condition then it should call for suspicion. Exchange owners are part of the quick richest people in this space and I dont buy their gimmick on lack of fund.  

right . rumors are not identified as true or it will occur on specific dates   . lets just hope that itll not happen because if that happens , that event can be the cause of another dip  .  its unfair if that happens becuase crypto did not even recover yet   .  to the topic , i see that they already have an announcement therfor its not what we call a scam exit  . they do only have a problem maybe related to money but who knows , maybe they can get back in action soon ?

Some here are speculating if CoinExchange is really ending their services or it might be only rumors. This is what CoinExchange looks like in their home page.

https://i.imgur.com/0EsVzg5.jpg

So it is true that they are really going to close their services. There is no truth that withdrawals deadline was last October 15. October 15 was the last day people can trade and deposit. Here is their official statement.

https://i.imgur.com/XL7C5kA.jpg

December 1 is the last day for its customers to withdraw all its funds. Much better that you withdraw all your funds ASAP.

They are giving oppurtunity to users to widraw there funds before dec 1 so its too far to call it scam.
I think they also plan to get back once the market recover from its lost and they cant sustain it for now thats why  they  decided to stop their business and make an announcement about closing plan.

That's what I am seeing also and I cannot call them scam for now since they are letting there investors to get there balances but if they close down there site without notice and far from there deadline then that would be a scam so people should get there balances as soon as they can so that they can secure there money and will not get compromise if something bad will happen.

Good thing that they're letting their investors pull out their asset, so only speculations went out bad and no conformity from coinexchange. There should be proper information before putting any conclusions abruptly, because this could create worries and panic as well. The timeline for the withdrawal of each and every investors crypto asset is far way too long, and I guess they should do it immediately to expedite the transfer of funds and nothing will go wrong along the way.

Its not a scam in my opinion because they did not steal anything from anyone. They could steal but they are now warning people to remove their assets from the exchange so nothing will be lost. We have seen exit scams too, but this exchange did not do this way, they are actually trying to help the exchanges users by letting them know about the situation.

When they announce that they will close their service then it is an act that they won't to be a scammer by bringing all the traders fund, the announcement also prove to make the crypto world not always labeled with fraudulent activity, which is always an issues in crypto space.

You are right but you cant really remove on anybodies mind for that kind of impressions in times where exchangers tends to close yet majority of them would really involved some
hacks and backdoors which would cause up for them to close and making those things as primary reasons for them not to able to give out any amount of their users funds.
This one had done ethically which should a business must be done.Returning all their users funds before they do close its doors.

True and cannot close our eyes to this fact, they announce getting hacked promised to return user funds but all went bad, even worse an exchange that upgrades their website after that their service became worse and eventually brought users fund, this happen 2-3 years ago.