When will the Bitcoin trading platform close?
When will the Bitcoin trading platform close? Bitcoin has been in operation for
When will the Bitcoin trading platform close? Bitcoin has been in operation for several decades before 2013, since its birth. In recent years, due to various reasons, more and more investors have begun to pay attention to Bitcoin and hold it as an investment asset.
However, from 2017 to early 2020, with the decrease in prices and the market downturn resulting in the decline of cryptocurrency market value, many exchanges also ceased operation. For example, Bitfinex, Binance, and Kraken, among others. These exchanges have all been subject to scrutiny from US regulatory agencies. Since 2018, some large companies have been closing their operations, but they have not been considered “legitimate” or protected companies. Currently, most exchanges remain unregulated, and there are still a large number of users without any payment services. Therefore, when people think that exchanges will close, they will seek other ways to resolve the issue.
Currently, the closure of many Bitcoin trading platforms is initiated by individuals claiming to be hackers, as these hackers launder or transfer funds using false information and then use users’ private keys for theft and criminal activities. If an exchange wants to thoroughly investigate whether a customer owns an account, it can choose to transfer the BTC in the account to a cold wallet and freeze the assets. Once this change occurs, it means that all participants must surrender. What can be said about Bitcoin trading platforms is that their bankruptcy procedures usually take about a week to complete. Which Bitcoin trading platform announces its actions first, that is, decides to terminate its contract with third-party custodians; for individuals, they can prevent this action from taking place by filing a motion with the court and then executing another law, which is called “liquidation”. (Note: As of June 28th news)
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