Whenever a Bitcoin exchange platform shuts down, it is never a pleasant feeling. Unfortunately, not all of these companies have the financial means to sustain their operations. For Bitcurex, it appears a restructuring is in order, as they posted an official statement explaining the situation. Apparently, a new investor has been found, and changes need to be made.
Although the name Bitcurex may not ring a bell for most cryptocurrency enthusiasts, the platform was somewhat popular in Central Europe. Trading volumes were also relatively low compared to other companies, but Bitcurex has a loyal customer base. Now that the platform will shut down temporarily, it is time to look towards the future.
Big Changes Are Coming To Bitcurex
The bigger question, however, is what will happen to customer funds. The official announcement makes a mention of how there will be a network infrastructure upgrade, as well as other software updates. More importantly, a security audit of the exchange platform will be conducted, which is a positive sign.
Thankfully, users can withdraw their funds, after filling in a form on the website. Withdrawals will be enabled from October 26th onwards. The official relaunch of Bitcurex is scheduled to take place on November 30th, which is a few weeks from now.
While some Bitcoin community members see this as a “curtain call” for Bitcurex, that doesn’t seem to be the case. It is true not alerting platform users is no proper way of conducting business in the financial sector. There will be a lot of panic over this relaunch, and the support staff will receive its fair share of hostile emails as well.
Locking users out of their funds is a scenario that should never take place, to begin with. Users who store Bitcoin or fiat currency in a wallet outside of their control are not doing it right. Although this news does not indicate anything malicious, other exchanges have disappeared with user funds overnight. Always move money to a wallet address you alone have the private key to.
Assuming the message is true, it is positive to see Bitcurex find a new investor. More importantly, the fact that users can withdraw funds is a big plus. However, only time will tell how this situation will play out. It is rather unusual for any exchange to use such drastic measures to announce a restructuring.
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