Crypto Exchange Liqui Closes Shop over Lack of Liquidity

The closure comes after the exchange recently delisted 25 virtual assets and changed its terms of use.

Cryptocurrency exchange Liqui shut down its service on Monday, giving customers 30 days to withdraw their funds without charge. The closure was triggered by a lack of liquidity after changes in the terms of use, the company announced on its website.

After the initial withdrawal period, Liqui (not to be confused with Liquid) cannot guarantee that the main trading platform will be supported to work properly, so the company will allow users to reclaim their funds only via the help desk’s website. Despite ceasing operations, Liqui will impose daily fees on customers who continue to store their funds on the exchange after the allocated 30 days.

“Recently, we were happy to announce the change in our policies. We gave you the right to decide whether you want to be with us in our Crypto Exchange journey by accepting the changes. Much to our regret, after this step Liqui is no longer able to provide liquidity for the Users left. We also do not see any economic point in providing you with our services. However, we do not want to return to where we were a month ago. Hence, we decided to close all accounts and stop providing our services,” the company said.

In December, Liqui changed its terms of use, including the delisting policies, anti-money laundering (AML) rules, the arbitration clause, and class action waiver. Customers could either accept the new provisions or close their accounts. Moreover, Liqui removed 25 coins and gave users 30 days for free withdrawal of the funds. After that period, which ended on Sunday, the exchange was supposed to impose a daily charge of 0.27% of the total amount of virtual currencies removed from an account.

The affected clients now have an extra month to withdraw their coins without charge. Delisted assets included Basic Attention Token (BAT), ZRX (0x), Waves (WAVES), and district0x (DNT).

“We may be back soon. However, that depends on the market which has significantly changed since 2017,” the exchange explained.

After the December delisting, Liqui offered several assets, among them Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Tron (TRX). The platform clocked $26,625 in trading volume for the last working day, as per Coinmarketcap data.

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