Probit Exchange discontinue there service..

[Nwada001]

for some of us way sabi buy coins for different exchanges before this our countri exchange Wahala been start way get account with Probit exchange dem just send email for me this evening say dem wan leave the market make who get money for the exchange go withdrawal am before deadline, this one no just affect our country but dem wan leave exchange business entirely.

ProBit Global Service Termination: Withdraw Funds Immediately

Dear ProBit Global User,

We are writing to formally notify you that due to the rapidly evolving regulatory environment, ProBit Global will be officially terminating all services.

Please be assured that your assets are safe. However, to prevent potential financial loss, please review the summary below and take immediate action.

[Agbamoni]

How come I didnt receive an email? Perhaps I did not subscribe to their newsletter or so.

However, you are right, I just checked the exchange now, and if I had any coins left there.

So far, the reason for their shutdown is due to regulations in the crypto market and how they cannot compete with other brokers. The deadline for shutting down is from now until February 25, 2026.

[Jegileman]

Thanks for sharing this helpful information and bringing it to the notice of the local board members who may have account with them.

Although, this is my first time hearing about this exchange and I never knew such exchange exists. I am more familiar with the top exchanges and I’ve used them more than any other ones, so maybe that’s why I don’t know about this particular one.

The exchange may not be such a popular one but the step they took into making sure that all their customers gets to withdraw their funds from the exchange before shutdown is actually great, not all unpopular exchanges that are shutting down for such reasons or other reasons will do this, they mostly exit scam or gets bankrupted.

[Cryptoprincess101]

I no even know say people they use all these exchanges wey no too dey popular like this, una no dey fear to lose una coins for these exchanges eh, Lol. Anyways, you do well as you carry the information come closer to people for the local board, though as dem send you mail dem also supposed send other customers wey dey use the platform but anybody wey no receive am fit come across this thread then act immediately especially if dem still get coins for there. The exchange try to inform people on time sef unlike some exchanges wey dey bring information like a week to deadline.

[Charles-Tim]

How come I didnt receive an email? Perhaps I did not subscribe to their newsletter or so.

When you want to register on the exchange, you were required to sign in with email, or you can continue with Gmail or Apple which can easily be used to send you email. They should be able to know their customers emails and send them this important information.

I no even know say people they use all these exchanges wey no too dey popular like this, una no dey fear to lose una coins for these exchanges eh, Lol.

Nigerians that have known about cryptocurrencies since long time ago will know about this exchange. I knew about it because of one airdrop or so in 2020, although I was unable to receive the airdrop because I was careless about it.

[Agbamoni]

I no even know say people they use all these exchanges wey no too dey popular like this,

I'm not surprised to hear this.

Probit may not be one of the top-tier exchanges we Nigerians know, but a lot of us who were into altcoins, presale, airdrops, ICO, and IEO knew about a lot of exchanges. Most Nigerians are more concerned about exchanges that allows P2P.

When you want to register on the exchange, you were required to sign in with email, or you can continue with Gmail or Apple which can easily be used to send you email. They should be able to know their customers emails and send them this important information.

What could be the reason why I didn't receive an email? Yes, my account has been inactive for years now, but at least I'm still their customer.
I'll wait and see, maybe I'm yet to receive mine.

[Moreno233]

Probit should be one of the earliest exchanges I have used and it is such a shame that they are shutting down and leaving the business just like Bittrex did in December 2023. The closure of these exchanges signals that the competition in the business is real and only the strongest can survive. Some of these exchanges too have not done well in terms of the tokens they list which later turn to scam thereby affecting their reputation since they don't have rigorous procedure of onboarding new coins. Glad I don't have anything on Probit as I stopped using them a long time ago.

[Charles-Tim]

What could be the reason why I didn't receive an email? Yes, my account has been inactive for years now, but at least I'm still their customer.
I'll wait and see, maybe I'm yet to receive mine.

I do not think there is any need, the most important thing is that you have known about it and you can also tell your friends about it also if they are using the exchange in rhe past because I am sure new crypto users among us will likely know the exchange.

About the email, hope you still remember the email address that you used to register on the exchange? Maybe you have forgotten the email or you are not using it anymore can be the reason.

[Hyphen(-)]

Probit should be one of the earliest exchanges I have used and it is such a shame that they are shutting down and leaving the business just like Bittrex did in December 2023. The closure of these exchanges signals that the competition in the business is real and only the strongest can survive. Some of these exchanges too have not done well in terms of the tokens they list which later turn to scam thereby affecting their reputation since they don't have rigorous procedure of onboarding new coins. Glad I don't have anything on Probit as I stopped using them a long time ago.

And I think this is enough to alert us to stop completely relying on these exchanges fully because some people might not receive any email notification, and if they have funds in the exchange they will lose them because they don’t have the information to be able to move all their assets out to another exchange.

Using reputable and reliable exchanges that are well known and popular by the general public is good especially if you are trading, but you still can’t rely on them to hold your coins, but you can trade and move any money you are willing to invest for a long duration into a non custodial wallet that you will have the entire control in your custody.
Use exchanges as marketplace, buy and send out, don’t hold your coins in the exchange wallets they are not safe.

[Mia Chloe]

for some of us way sabi buy coins for different exchanges before this our countri exchange Wahala been start way get account with Probit exchange dem just send email for me this evening say dem wan leave the market make who get money for the exchange go withdrawal am before deadline, this one no just affect our country but dem wan leave exchange business entirely.

I don't recommend anyone to make use of an exchange that is not popular because the chances of you losing your money is very high and same goes for Banks too. Most of these small exchanges can go bankrupt and close anytime putting your funds at high risk especially if it's large.

Some will just disappear in thin air if they are unable to refund the cumulative balances of their customers. In addition you can't be trusting random exchanges like this with your KYC information for your safety.

[Amphenomenon]

for some of us way sabi buy coins for different exchanges before this our countri exchange Wahala been start way get account with Probit exchange dem just send email for me this evening say dem wan leave the market make who get money for the exchange go withdrawal am before deadline, this one no just affect our country but dem wan leave exchange business entirely.

I don't recommend anyone to make use of an exchange that is not popular because the chances of you losing your money is very high and same goes for Banks too. Most of these small exchanges can go bankrupt and close anytime putting your funds at high risk especially if it's large.

Some will just disappear in thin air if they are unable to refund the cumulative balances of their customers. In addition you can't be trusting random exchanges like this with your KYC information for your safety.

I agree to this but if I can recall correctly, this exchange was quite popular some years back even ahead of the likes of bitget and mexc, but soon I didn't here much about them. I believe when one is trying a new or growing platform they should be cautious or not be over reliant on them, even if they are not even centralized, although this and our banks are centralized.

I'm actually curious what is the regulation because I believe if it is actually serious and not a cover from folding up, we might just see more closing up this year.

[coinlary]

This is my first time hearing about ProBit, despite knowing a lot of exchanges. It is quite surprising to me.

My guess as to why they won't be providing service for Nigerians is simply the tax and regulatory burden. You should remember they mentioned imposing taxes on crypto transactions, which would mean they probably won't tax personal users unless it's through their bank accounts, but the exchanges would likely be taxed.
That is how I view it, or was there an individual account tax as well? If yeas that would be so outrageous.

[Churchillvv]

for some of us way sabi buy coins for different exchanges before this our countri exchange Wahala been start way get account with Probit exchange dem just send email for me this evening say dem wan leave the market make who get money for the exchange go withdrawal am before deadline, this one no just affect our country but dem wan leave exchange business entirely.

I don't recommend anyone to make use of an exchange that is not popular because the chances of you losing your money is very high and same goes for Banks too. Most of these small exchanges can go bankrupt and close anytime putting your funds at high risk especially if it's large.

Some will just disappear in thin air if they are unable to refund the cumulative balances of their customers. In addition you can't be trusting random exchanges like this with your KYC information for your safety.

Perhaps for those who has been dealing with crypto for decade now, they can say that surely Probit was one of the most popular and usable exchange in Nigeria and however it’s unfortunate that the management could not keep the competitive market of exchanges as time went by, so it’s not unpopular but it’s has gone to extinction before we probably got into the system, so for those of them that used it they could have a few coins left there maybe for the purpose that the coins are only available there but now can convert and move them.

[Chibit01]

I don't recommend anyone to make use of an exchange that is not popular because the chances of you losing your money is very high and same goes for Banks too. Most of these small exchanges can go bankrupt and close anytime putting your funds at high risk especially if it's large.

I agree to this but if I can recall correctly, this exchange was quite popular some years back even ahead of the likes of bitget and mexc, but soon I didn't here much about them.

Yes they where, I have used them before I believe they where even among top 100 exchanges back then I don’t know what happened, i mostly used them for airdrop tokens which are mostly listed on that exchange followed by, coinstore, CoinEx and some other few exchange which are no longer popular now.

I searched on the forum and notice they even ran bounty back in 2018 and have ANN thread on the forum which few open and solved accusations on them too.

Good thing they are given chance to those who still have something with them to withdraw and did not just disappear.

Probit Bounty ,  ANN ,  Probit quick search Bitcointalk

[Ronsbit]

Sometimes, its not all about the regulations in the space, let me just say it clear here that most of these exchanges do not have good or sufficient bankroll to sustain themselves and to survive the space because they are not as popular as the rest of the others to succeed in the space or they are likely having internal issues which they do not want to be revealed publicly for their privacy hence they shutting down. I used to patronise their services back then, and I have no idea if I will have anything left with their platform, but all the same, thanks for this update, though.