Topic: Bundle exchange announces their cease of operation (Read 165 times)

Some people don't visit this forum that often, or even registered here so I doubt it will help that much for the bigger picture. Not to mention sometimes e-mails notification arrives late or even not showing on their device due to glitches, notification settings, and so on. I'd love to see them give at least more than one month for their users to withdraw their funds. I'm not sure how much they need to spend to keep their service running, but it should be cheaper after they stopped their services and focus on processing withdrawals.

Not really surprising. We do have similar platforms that are quite active on the local market but have zero presence on the forum or social media.

There are some exchanges that give 6 months to withdraw, however, some account holders complained that there was not enough time to withdraw. I hope this time based on an examination of the average activity of most accounts, otherwise it would be considered a gentle exit scam.

The reason for the closure is due to the competition, the large exchanges have become offering many options such as spot trading, features, staking, p2p, Dex, ...etc all in one place so there is no need to create several accounts in several CEXs.

The deadline for sweeping balances is still around 35 days which I think is long enough for all potential customers to be aware of this news. And I see this has been shared everywhere including Nigerian board, quite surprised that this platform isn't popular enough. I think I know the reason why they stopped.

You did well to share across here moreover I think this would be very useful to Nigerians and to those who keeps neglecting their mails. Centralized exchanges today are facing lots of difficulties which includes legal issues or to whatsoever, those who keeps leaving their funds into centralized exchange are in one way or the other endangering themselves by keeping their funds into exchange. This closure is too heart touching because I know too well that bundle payment app is something that really helps Nigerian to make crypto trading seamless without any interference despite the restrictions set across the country. Well I don't know their personal issues but I know there has been lot of exchanges shorten down due to inability to continue their operation maybe facing serious challenges.

When we have tried to inform that the exchange is not a place to store assets, then our task has been completed and then we will see the reaction of disappointment experienced by those who still keep assets on the exchange.
Exchange bundle users might be interested in using it as it comes from binance. In other countries there are also exchanges related to binance that support deposits and withdrawals of fiat, it helps but does not make the exchange to store assets.

Hopefully there is a solution for friends who still have assets in the exchange bundle.

Binance doesn't own Binance alone they own/acquired lot of local exchanges to widen their service all over the world but since Binance itself is preferred by most of the users then running a separate exchange is just a loss for the owners so they decided to take down or come with a way to make more money. Its the responsibility of the users to keep an eye on these things especially when they let their money to sleep their so can't blame anyone if they miss the notice period for withdrawal of funds.

I am afraid that if something happens to Binance, 1/3 of the platforms that we know and that work as an interface that runs the Binance API in the background will disappear, not to mention all the risks that occur, because your data is now known by more than one party, and one of these parties may sell it or try to misuse it, so it is good to see Such platforms are closing even though the Bitcoin winter is in its final days, and we will witness a significant growth in such platforms over the next two years.

It's an opportunity to try out decentralized exchanges.

I've never used Bundle before but a couple of friends around me use that platform, it's sad seeing them going out of business but there is a hope of coming back some day, anyway there are many options like Bundle out there today.

Binance, Huobi and Luno still supports NGN currency and there are even more less popular P2P platforms too, but these are the few ones I trust.

Crypto projects and crypto businesses face some hardship as we keep getting deeper into every bear market, and this prevents them from running their businesses. It has always happened in every bear market.

It seems this isn't entirely bad news, especially for their users. The email doesn't say that Bundle is closing down for good. It's not bidding good bye. Rather, it only specifically informs them that the platform will cease operating because they will "restructure the business." So, this is temporary. I think this is simply a process of upgrading their infrastructure to integrate certain developments like the growing adoption of the Web3 ecosystem, for example. They will probably come out a much improved platform sooner or later.

I never really saw the reasons why the bundle was built in the first place; when they started, all I could see was some sort of data selling, funding accounts with airtime, and all of that, if I could remember correctly, drawing users attention to the app. Binance is already dominating the African countries, as their exchange is what's mostly used here by those who make use of centralized exchanges, but why build something different and call it Bundle for Africa when Africa is still allowed to use the main exchange (Binance)? Whatever they do, they will still make withdrawals available for the time being, as most people will just have to go back to using the Binance exchanges unless they finally find a means of avoiding the CEX.

Unfortunate news, other cryptocurrency exchanges are closing their doors, I hope all users can withdraw their assets before it's too late.

Honestly I have never dealt with a Bundle exchange before but this is the same with all exchanges or centralized services, they will eventually end up closing down or declaring bankruptcy due to regulatory pressures on the one hand and due to general economic recession on the other.

Therefore, we always focus on the advice that no one should store their crypto assets in exchanges, but rather use safe wallets.

They announced their shut down and give their users about two months to withdraw their funds. It sounds long enough for their users but in early days after the announcement, their users might feel fearful and it might cause congestion in their customer supports and security teams that will approve and proceed withdrawal requests.

Reminder: do not keep your money in online accounts

It appears that you are eager to place all of the blame on the consumers. While the expression "Not your key, not your coin" has my support, I believe the exchanges should share some of the blame

How about we delve even farther and talk about the precautions these platforms might take to prevent such things from happening? Have you considered doing regular audits, increasing security, educating users on the necessity of updating software, and possibly even having a plan in place for recovering funds in the event of an unexpected closure? All of these factors must be taken into account

Users are not excused from responsibility, but neither should marketplaces. It's past time the crypto community demanded more transparency and stronger protections from these services

Bundle exchange services are available mostly in Africa and South Africa and Nigeria had the biggest crypto market in Africa. Since we don't have a South African board but the forum has a Nigerian section, this information would be more helpful in the Nigerian board. I am saying this because many Nigerians might be using the Bundle exchange services.

But I want to commend the management of Bundle Exchange for allowing customers to withdraw their funds. This shows that they have no intention of rug-pulling or scamming its users. This is also a wake-up call to people that keep thier funds in exchanges. Many exchanges are out there planning to scam their customers. Thank you @SmartGold01 for informing me about the importance of checking my email regularly. Sometimes I didn't check my mail box for a week, which is very bad.

Another closure of exchange!

From the mail received by Bundle exchange, it was so sadden to see another announcement of shorten down their services.
Before I go further, Bundle is a payment app for fiat and cryptocurrencies originated from Binance exchange mainly for Africans precisely to Nigerians to help foster and fast track the ease of crypto and fiat payment through their app to Nigerians announces their cease of operations and have been sending mail across their user to withdraw funds deposited in the bundle App within the period of 60 days to their closure.

The following screenshots will properly explain the body of their mail.






For those us who don't love login their mails to their current devices they are using, is another bad disadvantages to them as they may miss this updates and ended of losing their funds. I will encourage those us who loves saving and storing their crypto asset on any exchange for ease withdrawal might have a very big chances to lose their assets.
Please permits me to borrow this words we often used here as this is the good example of "Not your key Not your coin". I have also tried my best to share across for those who don't regularly login their mails to get updated and please move out your funds to a safe custodian wallet.

If this already posted then I will get it locked as soon as possible