OmiseGO Closes Its Crypto Exchange Amid “Compounding Regulatory Complications”
The GO.Exchange cryptocurrency exchange announced its own closure this Thursday. Starting today, the exchange no longer accepts new clients and only allows withdrawals, and on March 15, its operational activities will be completely stopped..
The company reports that this decision was not easy for it, and notes that from the very beginning of work on the trading platform in the summer of 2018, it decided to follow a regulated path..
“We applied for a license in Malta, filed many legal documents, worked out various policies and procedures, entered into cooperation with several local partners and first met with Maltese regulators face to face in December 2019,” the exchange team writes..
According to GO.Exchange, they made some progress towards obtaining a license, but they decided to abandon this idea “due to the emergence of external factors such as aggravated regulatory complications and uncertainty regarding the development of cryptocurrency regulation, which significantly affected the ratio cost-benefit of managing the exchange “.
GO.Exchange launched in March 2019 with the goal of providing a “safe, sustainable and legal trading platform.” The exchange was a division of the Thai company Omise Holdings, known for the development of the OmiseGO (OMG) cryptocurrency project.
The entry into force of the EU’s Fifth Anti-Money Laundering Directive, the provisions of which also apply to Malta, at the beginning of this year significantly influenced the further plans of cryptocurrency companies. So, the Deribit and KyberSwap exchanges announced their departure from Europe to more friendly jurisdictions, and the developers of the Bitcoin payment startup BottlePay preferred to close the project.
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