Coinexchange.io exit scam or fund issue ?

[jessyj48]

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?

[mersal]

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.

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.

[DaMut]

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.

[smyslov]

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?

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.

[tabas]

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.

[cheezcarls]

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?

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.

[Bitbtc8]

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

[ganeshramk]

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.

[sandra_x]

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.

[Ailmand]

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?

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.

[capcaypro]

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.

[boltz]

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.

[kynaz]

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.

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.

[infarterr]

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 for full details.
Please make sure all withdrawals are completed before the 1st of December 2019.

[Perfect35]

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.

[shinratensei_]

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.

[Novatech8]

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?

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

[knuckey]

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.

[CHRISBIN702]

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.

[Neo.op]

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.