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Author Topic: ExchB is closing  (Read 4359 times)
weex
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October 16, 2011, 11:39:31 PM
 #1

Dear Bitcoin community and ExchB customers,

ExchB is closing.

First, we would like to assure our customers that all funds and Bitcoins deposited with us are available for withdrawal.

Over the past few months, we’ve enjoyed bringing a high-quality, easy-to-use exchange service to the Bitcoin community we thank each and every one of you who used the service, provided suggestions, or helped us spread the word. We believe Bitcoin has a bright future and look forward to the many developments that are sure to come.  Unfortunately, the cost in time and money of running ExchB and the funds required to take it to the next level will exceed our available resources.

As of October 16th, 2011, we have stopped trading and deposit activity on the exchange.

All funds and Bitcoins must be withdrawn by October 24th, 2011. For customers who have made large funding transactions, we may request additional information before processing withdrawals. If this is the case, you will receive an email with additional details. Bitcoin withdrawals will be manually approved regardless of amount.

Lastly, we have in development a merchant solution for Bitcoin that provides price stability for customers and removes confirmation delay.  Anyone interested in acquiring and further developing these technologies should contact us.

Thank you,

David Sterry, President
Exchange Bitcoins Inc.

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October 16, 2011, 11:46:29 PM
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Sorry to hear that, David, but I'm certain you wouldn't be doing this unless you had something even bigger in the pipeline.  Looking forward to seeing what's you've got in the works.

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October 16, 2011, 11:50:10 PM
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Sorry to hear that, David, but I'm certain you wouldn't be doing this unless you had something even bigger in the pipeline.  Looking forward to seeing what's you've got in the works.

Yes, I really hope this is the case as well..

I think all "cart" and merchant systems of the like are very important to the bitcoin community as a whole.

Good luck! make us proud!

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October 16, 2011, 11:57:26 PM
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Sorry to hear that. I guess this is one of the consequences of low volumes. ExchB was one of the top exchanges though. I hope we don't see a lot of exchanges closing. I like to have other options beside MtGox...
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October 17, 2011, 12:03:25 AM
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ExchB was one of the top exchanges though. I hope we don't see a lot of exchanges closing. I like to have other options beside MtGox...

Yeah, and for those of us in the USA it was really cool how ExchB would let you deposit cash at a bank and have it available for trading within an hour... pretty sure that was far and away the fastest way to turn cash into BTC.

The printing press heralded the end of the Dark Ages and made the Enlightenment possible, but it took another three centuries before any country managed to put freedom of the press beyond the reach of legislators.  So it may take a while before cryptocurrencies are free of the AML-NSA-KYC surveillance plague.
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October 17, 2011, 12:22:29 AM
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Are you emailing all of your clients?  7 days is a very short window for redeeming their deposits so you need to do everything you possibly can to ensure that your customers are aware of the need to act quickly.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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October 17, 2011, 12:29:00 AM
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Sorry to hear about this, as said above you, you guys definitely shook things up with the depositing cash at an ATM to get the Bitcoin.  I hope other exchanges take advantage of clever little ways to do business like that.  Good luck to you and your people in your next projects.

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October 17, 2011, 01:36:08 AM
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Are you emailing all of your clients?  7 days is a very short window for redeeming their deposits so you need to do everything you possibly can to ensure that your customers are aware of the need to act quickly.
We're emailing all of our clients now. We'll make sure to follow up with those who have not acted as the deadline approaches.

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October 17, 2011, 02:36:54 AM
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Why close the doors? Why not sell the Xchange?

I'll buy for $500! Serious!
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October 17, 2011, 03:57:26 AM
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Hi David,
       It is unfortunate to hear that an excellent service like ExchB is closing.  It was also an absolute pleasure to meet you in person at the NYC conference, and wish you all the best with your next venture.

Thank you,
       Keyur


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October 17, 2011, 04:37:45 AM
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Doh!  I was planning to diversify and start using ExchB, though the low price has gotten even me down so I may not have followed through very soon.  I'm a shitty customer for exchanges, though, since I don't actually trade much.  (OTOH, I don't play scummy chargeback games or have a lot of red flags requiring a lot of financial research either.)

Thanks for being one shining examples of a Bitcoin enterprise who was straight up and exited with dignity.  I'm not surprised...it's gotta be a tough row to hoe in the exchange business for a couple of diverse reasons.  Hope to see you back at better times, and I'm sure that you've achieved some respect and trust from other people besides just me.

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October 17, 2011, 04:53:27 AM
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Any funds not claimed do not become the property of ExchB.  They're in California, so unclaimed funds have to be turned into the California State Controller's Office unclaimed property unit. There's a US-wide system in place to get the money back to its rightful owner.
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October 17, 2011, 04:59:21 AM
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ExchB is a very good exchange. best wishes.

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October 17, 2011, 06:41:34 AM
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I just put in my withdraw.  Sorry to see you guys go.  You're everything I wanted in an exchange: convenient to get fiat in and out, a simple website, good customer service, and a nice local office we could go burn down if you screwed us out of our BTC. Smiley  In all seriousness the US presence with no silly anonymity games is why I was comfortable leaving my money with you, and it's why I'll be interested in any other services you offer in the future.

Honestly I'm surprised you lasted this long.  I know you were running a tight shop, but there's just not enough transaction volume in the present market to support so many exchanges.

Sad to see you go after you were doing everything right, and thanks for a good run.

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Bitcoin is the Devil's way of teaching geeks economics.  --Revalin 165YUuQUWhBz3d27iXKxRiazQnjEtJNG9g
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October 17, 2011, 08:10:38 AM
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I think Mtgox maybe want to acquire all the the business of ExchB.

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October 17, 2011, 12:57:42 PM
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well great, I can kiss my 11 cents in my account goodbye.   I could've bought a tootsie roll with that!   Angry

in all seriousness, this sucks.  I loved the bank account cash deposit feature
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October 17, 2011, 01:42:47 PM
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Some powerful people paid these guys a visit. A very one sided NDA has been signed so they can't talk about it for fear of repercussions, now it's my duty to spill the beans.

They got pressured into closing down by the powers that be and more exchanges will be following soon.

Mt.Gox has been able to avoid this so far because they are based in Japan. Plans are in place to get them shut down as well, it's just taking longer than they would like.
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October 17, 2011, 02:34:55 PM
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For any ExchB users who don't already know.  MtGox now accepts cash deposits.
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October 17, 2011, 03:39:36 PM
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I am sorry to see you guys go.   It was great meeting you guys at the BTC conference in New York.


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October 17, 2011, 04:14:00 PM
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Some powerful people paid these guys a visit. A very one sided NDA has been signed so they can't talk about it for fear of repercussions, now it's my duty to spill the beans.

They got pressured into closing down by the powers that be and more exchanges will be following soon.

Mt.Gox has been able to avoid this so far because they are based in Japan. Plans are in place to get them shut down as well, it's just taking longer than they would like.

Proof or GTFO.

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