Gate.io Exchange Denies Allegations of Closing
Fears about smaller exchanges closing have affected Gate.io, a market that has performed relatively well during volatile market periods.
Fears about smaller exchanges closing have affected Gate.io, a market that has performed relatively well during volatile market periods.
Gate.io is not closing, and has not been hacked, the team decided to dispel recent fears. The exchange stated that recent rumors of closing services are false.
Gate.io is one of the more prominent exchanges, offering price discovery mechanisms for multiple altcoins. The exchange hosts 400 trading pairs, and currently carries volumes above $42 million per day. The doubts about the exchange reflect fears about altcoin exchanges for relatively obscure assets, after markets like Nova Exchange closed. Following the Cryptopia hack, the fears about small-scale exchanges increased.
The Chinese sources spreading the news generated fears once again. However, Gate.io reminded its customers that the market operator remains liquid and dedicated to offering trading services.
“We have a large user base of 3 million users, and we are one of the top 10 exchanges in the world with authentic trading volume. Gate.io is verified as one of the exchanges with real trading volume by BTI, and has recently become one of the top 5 exchanges on CoinGecko's "Exchange Ranking by Trust Score,” the exchange team stated.
The rumors of Gate.io closing arrived just days after the Einstein exchange in Canada was put into receivership. The market closed, and it became clear the exchange did not hold any significant reserves, either in crypto coins or fiat. The fears about Gate.io also arrived after news of China cracking down on local crypto-related companies.
https://twitter.com/SaorSIBrokerRob/status/1199282621186002944
The limitations, however, have left alone large-scale markets such as Huobi. Instead, China looked more closely at illegal token sale projects that directly targeted investors.
https://twitter.com/theswampgirlUSA/status/1198787260608634880
However, there are new hubs of activity, which for now avoid the fate of smaller exchanges, as well as unsuccessful ICOs.