The Romanian Bitcoin Exchange BTCXchange has encountered problems since its operation in 2014. It recently announced the closure and notified customers that the exchange will be officially closed on May 1, 2018. On April 22nd, the BTCXChange team posted a notice on the exchange's website requesting customers to withdraw all balances by May 1. The notice shows that BTCXchange has stopped operating on February 1, but users can still store Bitcoin on the platform.
BTCxChange first urged users to withdraw their funds after accusing their programmers of controlling the server on December 19, 2014. The notice said that the exchange had lost all access to the Bitcoin exchange server.
The exchange closed its business after nearly one month of listing on August 18, 2016. The then owner, Horea Oradea Vuscan, sent an email to the client on September 4, 2016 asking them to withdraw the funds, and the user received a similar email on September 9.
On the 14th of 2016, an announcement issued by the CEO of the Exchange, Max Nicula, on the website showed that the exchange replaced the major shareholder and will re-offer the service. Nicula said they have updated the platform to improve the user experience, ensure security and improve service quality.
On 22nd of 2018, Nicula announced that it had received a letter from IDEA Bank stating that BTCXchange's bank account would be closed within 15 days. This is the fourth bank account closed by the exchange within 12 months.
Nicula said:
We decided not to open a new bank account not long ago in case these accounts were closed. The reason is that these bank accounts are constantly changing and lacking a permanent and stable solution that hinders our ability to grow our business.
Nicula requires users to withdraw their balances in legal tender before the 1st of January 2018 (Ron, Euro and US Dollar) and all remaining legal currency balances will be converted to Bitcoin. The exchange tried to adopt a new type of service that was not linked to the banking system.
Nicula said that in order to increase the volume, the exchange needs to reduce costs, launch APIs, and "massive investment" in marketing. These actions require sacrificing short-term profits. However, due to the lack of confidence in the long-term stability of the solution issued by the bank, it makes no sense for the exchange to make these sacrifices.
In general, Nicula is still promising for the future of cryptocurrency.
He wrote:
It is this belief in bitcoin and cryptocurrencies that makes us no longer looking for other banking solutions.
He encourages entrepreneurs to enter the field of cryptocurrencies, seek opportunities to add value, and avoid partnerships with the banking system. He said:
The cryptocurrency economy provides ample opportunity for business, without subjectivism, and without the need for multiple interpretations.
Nicula finally said:
Finally, I would like to thank all the customers who have used our services and hope to give you a positive impression.
The announcement includes a list of services that convert fiat currencies into cryptocurrencies, covering Localbitcoins.com and bitcoinromania.ro in Romania; kraken.com and Bitstamp.net in Europe.
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