It is never good to see a cryptocurrency exchange shut down. In the case of CryptoBridge, it appears such a turn of events was inevitable.
This particular platform is primarily used to trade small-cap altcoins, with a focus on currencies that support masternodes.
CryptoBridge is Leaving the Building
CryptoBridge never became a big player on the market, primarily due to its selection of assets.
To make things even worse, they introduced mandatory KYC verification not that long ago.
The main reason that people were drawn to the platform is because it didn’t require any verification.
Ever since that situation changed, it appears traders left the platform in droves.
Following a new announcement on the website, CryptoBridge has confirmed it will shut down.
The team cites “market conditions, increasing regulation, and inability to fund further development” as the main reasons for this decision.
All users can still access the platform until December 15, after which everything will be shut down for good.
That also means users who still have money on the platform need to withdraw the funds as soon as possible.
It is crucial to note how all users who haven’t completed their KYC will not be able to withdraw funds until this process is completed in full.
As an additional measure, CryptoBridge has already shut down its social media accounts and Discord server.
While additional regulation legitimizes the crypto industry, it also becomes a hassle for smaller trading platforms like this one.
CryptoBridge is another unfortunate victim of that trend, albeit they will not be the last platform to call it quits.