SouthXchange closing you have less then 30 days to get your funds out.

[DaveF]

https://southxchange.gorgias.help/en-US/important-update-regarding-southxchange-383212

Their thread here is dead https://bitcointalk.org/index.php?topic=962344.0 Didn't see any point in bumping it.

Last day is Jan 31st.

Does not look like it was that busy: https://coinmarketcap.com/exchanges/southxchange/

-Dave

[1714292950]

1714292950

[logfiles]

Good lord, this exchange was still alive after all this while?

I remember them during the ICO hype, but I never registered there. It seems like business was not going on well, so instead of staying around and struggling with law enforcement as well, the better decision would be to shut down.

[rat03gopoh]

Does not look like it was that busy

Besides they might lose in the competition to comply with regulations, I think such a small trading volume isn't commensurate with the operational costs and team salaries. After looking at their X account, I concluded they were a stingy exchange, making no effort to make users feel at home like a reward/loyalty programs.

[DaveF]

Good lord, this exchange was still alive after all this while?

I remember them during the ICO hype, but I never registered there. It seems like business was not going on well, so instead of staying around and struggling with law enforcement as well, the better decision would be to shut down.

Does not look like it was that busy

Besides they might lose in the competition to comply with regulations, I think such a small trading volume isn't commensurate with the operational costs and team salaries. After looking at their X account, I concluded they were a stingy exchange, making no effort to make users feel at home like a reward/loyalty programs.

Yeah, it's where I dumped my BSV & BTCX back in the day. IIRC they were one of the 1st to have BSV trading.
Look where it got them

The lack of communication to people with accounts there is awful. Nothing on their home page, nothing in the trade pages. Guess they are hoping to just pack it up Feb 1 and keep what is left.

-Dave

[Yamane_Keto]

The lack of communication to people with accounts there is awful. Nothing on their home page, nothing in the trade pages. Guess they are hoping to just pack it up Feb 1 and keep what is left.

This seems like an exit scam than a regulatory restriction. They have been operating since 2015 and are based in Argentina. The 15-day period for withdrawing funds does not seem sufficient, and some people will inevitably be surprised that their funds are still there. In many cases, the withdrawal permission is 6 months or a year after submitting a request or Communication with a third party.

[DaveF]

The lack of communication to people with accounts there is awful. Nothing on their home page, nothing in the trade pages. Guess they are hoping to just pack it up Feb 1 and keep what is left.

This seems like an exit scam than a regulatory restriction. They have been operating since 2015 and are based in Argentina. The 15-day period for withdrawing funds does not seem sufficient, and some people will inevitably be surprised that their funds are still there. In many cases, the withdrawal permission is 6 months or a year after submitting a request or Communication with a third party.

It's a bit more then 15 days closer to 23 but yeah, it's WAY to short.
Got the email today about their closing same info as the link I posted above: https://southxchange.gorgias.help/en-US/important-update-regarding-southxchange-383212

I'm thinking with the new government in Argentina taking over and everything else going on down there they are just packing it in. I know of a bunch of businesses that are fleeing to Brazil or Bolivia because they are at the moment better governed and appear to be more stable.

-Dave

[The Sceptical Chymist]

instead of staying around and struggling with law enforcement as well, the better decision would be to shut down.

They're based out of S. Korea, right?  Are government agencies of that country cracking down on crypto as hard as the US and some other countries?  Or perhaps because some of their customer base is from outside of S. Korea, they're afraid they might get into hot water courtesy of, say, the IRS and/or an equivalent agency in some other place where the crackdowns are happening?

SouthXchange wasn't the best exchange by a long shot, but for one of the smaller ones out there they were at least dependable.  I don't recall seeing many scam accusations made against them over the years.  Frankly I'm a bit disappointed to see them go out of business--not that I ever used them much, but because these smaller exchanges are not-so-slowly going by the wayside.

[DaveF]

They're based out of S. Korea, right?...

No, Argentina.
https://bitcointalk.org/index.php?topic=962344.0
And
https://www.cryptowisser.com/exchange/southxchange/

Which was why I was thinking it was a combination of low volume and the current financial and political issues going on in the country just made it not worth staying open.

https://www.reuters.com/world/americas/argentina-monthly-inflation-seen-highest-since-1990-december-2024-01-09/
https://www.reuters.com/business/argentina-seeks-block-asset-seizure-help-satisfy-161-billion-judgment-2024-01-08/

And so on. As I said there are a lot of businesses going over the border to Brazil or Bolivia

The new president / government seems to be crypto friendly but with everything else happening there it might not matter.

-Dave

[Yamane_Keto]

It's a bit more then 15 days closer to 23 but yeah, it's WAY to short.

It is still short or insufficient compared to services that have stopped or closed their operations.

Which was why I was thinking it was a combination of low volume and the current financial and political issues going on in the country just made it not worth staying open.

I do not think that anyone will object to stopping the service, as it aims for profit, and inevitably either they did not achieve good profits or they found a better opportunity, but in order to leave the market without there being any problems, they must ensure that everyone withdraws, keeps frozen funds in a safe place and future orders are manually processed.

No, Argentina.

I saw some pictures of people waiting in a long queue to get fuel, but I did not know that the economic situation was badly.

[DaveF]

...I saw some pictures of people waiting in a long queue to get fuel, but I did not know that the economic situation was badly.

A bit OT but I don't think it's *that bad* but it is uncertain if I know (or believe) the economy is going to poorly I can plan for it. If I know (or believe) the economy is going to be great I can plan for that.
Everyone having no idea what is going to happen to the economy just makes it difficult to run any kind of business that would need you to plan for something.

-Dave

[HaloMiner]

** HELP **

I did not get the memo, so I did not withdrawl before Jan 31.

Does anyone know a workaround to gain access or who I can contact to gain the ability to move the assets to another exchange?

Thanks in advance! ugh!

[logfiles]

** HELP **

I did not get the memo, so I did not withdrawl before Jan 31.

Does anyone know a workaround to gain access or who I can contact to gain the ability to move the assets to another exchange?

Thanks in advance! ugh!

This is why you should never make your exchange as your wallet.

There is no other work around except through the help of the team behind the exchange. Currently, the website is still online. Try contracting their live support for advice and a resolution on how to get back your funds.

[HaloMiner]

Totally agree, this was just for an obscure alt coin that I had a large position in and never thought much of it to move to cold storage.

The web site has no support, seems everything is dead.

Crypto cannot just vanish, ugh!

Next step?

[NotATether]

Next step?

Next step would be to make a website specifically about exchanges that are shutting down in order to warn everyone to get their money out of said exchanges.

No point in including exit-scam exchanges, "bankrupt" exchanges that give you no time to withdraw like FTX (unless it's an advance warning on short notice), and hacks.

Then someone should make a Twitter bot which posts real-time updates on the list.

[DaveF]

Depending on the amount you can try to reach them though other social media channels [discord / twitter / telegram]. But for the most part they seem to have gone silent.
No, the coins just can't vanish but they can be locked in a wallet that nobody has access to.

What coin was it?

Hate to have to keep saying it, but Not Your Keys, Not Your Coins.

-Dave

[HaloMiner]

You are right about the keys and storage! Sometimes these obscure alts are more difficult to manange, my bad!

If anyone has a connection or is in the same boat as I am and can get ahold of anyone that leads to me recovering the coins from SouthXchange, I will certainly carve out a gratuity for the effort.

Thanks!