Brazilian crypto exchange XDEX, which is endemic by the largest stock broker in Latin America, announced the end of its activities. The company announced its closure on March 31:

"Today, nosotros announce that XDEX is starting the process of closing its activities. Market projection, competition and few regulatory advances reduced the opportunities found at the beginning of the projection and were the basis for this hard decision."

Take some fourth dimension

The company offered non-custodial exposure to cryptocurrencies, then customers have up to 30 days from the twenty-four hours of the announcement to close their positions and fully withdraw their residuum in reais on the platform. "When making the withdrawal request, the funds volition be sent to the bank business relationship registered at XDEX within 1 business concern mean solar day, according to banking concern records," the proclamation said, adding:

"After the 30-day flow, if the customer has non sold the assets, we will do information technology on their behalf and the corporeality obtained from the auction will be deposited in the bank account registered with XDEX within 3 concern days."

Failed to take concur

Launched in 2022, XDEX attempted to capitalize on the possible entry of Brazilian institutional investors into crypto, since the platform was owned by the partners of XP Investimentos. One of the largest brokers in Latin America, XP Investimentos manages billions in investments.

This is the 4th company focused on Bitcoin trading that closes its activities in Brazil. Before information technology, Brazilian companies, OmniTrade, Latoex and Acesso Bitcoin too announced the finish of their activities. At the stop of last yr another Brazilian Bitcoin company called Bitjá revealed its closure.