Coinexchange.io exit scam or fund issue ? - page 2.

milewilda

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Quote from: Falconer on October 03, 2019, 09:26:43 AM

Quote from: jessyj48 on October 03, 2019, 05:22:39 AM

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?

What is the reason you are accusing as a scam, the e-mail quote above already explains why they closed the exchange service and gave instructions to users to withdraw coins before the deadline.

Some people do really have some loading or slow comprehension or just simply doesnt know how to read up on whats the actual reason why Coinexchange plans to close its doors.
Its clearly stated that their operation isnt already feasible on their side which means they are not already profitable to run even longer.The good here is that they are refunding their users so that ever they close up their exchange there would be no issues on their side or no one would sue them up.Hopefully that all exchangers should be like this where closing its doors without forgetting to return their users funds.

Ferris419

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Coinexchange was far better than many high ranking fake volume exchanges. But it was a very underrated, there wasn't any scam accusation or negative vibes on Coinexchange. The exchange team easily could scam people, but they are legit and they are real human beings. That's why they gave a long time to withdraw funds from its member dashboard! Actually, Coinexchange wasn't in the profit zone, so, without profit, no one will continue business in any sector. I hope one-day Coinexchange will come again when the crypto market becomes better than now!

magneto

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Quote from: jessyj48 on October 03, 2019, 05:22:39 AM

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?

There could be liquidity issues that forced them to close their doors, but until someone actually complains that they have not been made whole in this whole situation, it's indeed unfair to call them an exit scam.

After all, they've announced their intentions to close the exchange well in advance. It's not like it's coming as a surprise to anyone else.

But for people who still have a balance on this exchange, it would be stupid not to withdraw it straight away. From my experience from previous exchange closures, the longer you wait, the more risk your funds are going to be at. Especially when withdrawals stop being processed automatically.

coin-investor

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Quote from: jessyj48 on October 03, 2019, 05:22:39 AM

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?

It's unfair to connect Coinexchange to scam, maybe fund issue, the title is all wrong and people might think that they are going to close because of scam issue, they have done the right thing announcing it in their newsletter and all their social media profiles, they even extend the days for members to withdraw their coins.

jorenpo

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I don't think its an exit scam. they announced that they will closed the exchange and you need to withdraw the token or coins you have on them, maybe its an inside issue of maintenance issue as theres not a lot of traders trading to them.

Falconer

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Quote from: jessyj48 on October 03, 2019, 05:22:39 AM

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?

What is the reason you are accusing as a scam, the e-mail quote above already explains why they closed the exchange service and gave instructions to users to withdraw coins before the deadline.

Emperor of Man

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It sure doesn't look like an exit scam, just withdraw everything you have over there, and you will be fine.

And I must say, with all the bear market and decreased volume and liquidity and all that, it's not very strange for an unpopular exchange to say this is not a profitable business for us.

Doranile432

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Its not a scam exit, many have already withdrawn their funds successfully off the exchange with no problem at all but if there are still those who haven't do the same the time it ticking, once the deadline gets here its over, if this is a scam exist there will not a enough time for users to withdraw funds

AjithBtc

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Quote from: dark08 on October 03, 2019, 08:22:15 AM

This is not consider an exit scam because coinexchange notice people to their shutdown meaning people will have an opportunity to withdraw their fund before the closure on this exchange site main reason I see why they shuting down their exchange site because of low volume and lack of interest of the trader.

There is proper notification provided to each and every user who have been into coinexchange for all the trading needs. Upon the perfect information provided this doesn't look like an exit scam, but there is some plan to closure the exchange service. Also they've provided a long time period to withdraw the funds from the exchange wallet which makes the reason to be legitimate in other way.

judeafante

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Quote from: jessyj48 on October 03, 2019, 05:22:39 AM

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?

If it is an exit scam they will just disable withdrawal, without an announcement, this is not fair, they want to go without giving investors and traders problems you should change your title, there is no scam that's going to happen because they want all their investors to withdraw all their coins, because they of a valid reason which is they are closing shop.

X-ray

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Quote from: mersal on October 03, 2019, 05:26:24 AM

Quote from: jessyj48 on October 03, 2019, 05:22:39 AM

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.

It's a usual exchange closing down due to lacking the profit to keep up their services, the title of this topic already has its own answer which is fund issue and there's no way an exit scam letting people withdrawing their money but if there's any news regarding problem about withdrawal it may turn into an exit scam.
The competition is kinda tough considering so many exchanges have popped out lately and this one seem couldn't hold any longer. as I see hosting IEO is one of main earning for a newly made exchange with relatively low users. if OP still not sure just keep a watch about this one site and see whether there's someone complaining about the withdrawal.

dark08

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This is not consider an exit scam because coinexchange notice people to their shutdown meaning people will have an opportunity to withdraw their fund before the closure on this exchange site main reason I see why they shuting down their exchange site because of low volume and lack of interest of the trader.

confreslamp

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They are just shutting down, because of the lack of interest of traders. Without traders, there is no commission fees and as a result no profit. However, they are not scammers, because they are giving people time to withdrawal their assets before the deadline.

Neo.op

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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.

CHRISBIN702

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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.

knuckey

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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.

Novatech8

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Quote from: jessyj48 on October 03, 2019, 05:22:39 AM

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

shinratensei_

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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.

CoinThinker

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Quote from: jessyj48 on October 03, 2019, 05:22:39 AM

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?

You need to withdraw money from exchange as soon as possible. Exchanges informed and gave you deadlines before they closed. This is not a scam

Perfect35

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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.

Topic: Coinexchange.io exit scam or fund issue ? - page 2. (Read 482 times)