ICE3X, one of the oldest cryptocurrency exchanges in South Africa and throughout Africa, has ceased operations completely.
According to an update on the website, the alternate has ceased operations following an absence of liquidity ensuing in liquidation discover by its authorized counsel and after suspending all buying and selling on the platform on March 16, 2021.
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SEE ALSO: Binance Delists All South African Rand (ZAR) Trading Pairs Apparently Due to Low Liquidity Volumes
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The closure announcement comes a couple of weeks after some merchants seen discrepancies in their buying and selling which resulted in cease losses getting executed far decrease than the set cease loss set off restrict.
In an announcement on its web site, ICE3X stated:
“We remorse to inform you that the platform is not going to return to operation and that we now have been suggested to provoke liquidation proceedings.
All withdrawals from the platform have been disabled, and we now have processed the withdrawals which have already been submitted by way of the type right this moment, manually.”
– ICE3X
This newest announcement follows a current Binance announcement that noticed the crypto alternate shut all buying and selling pairs for the South African Rand (ZAR) following low liquidity for the stated pairs.
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RECOMMENDED READING: INTERVIEW [Q&A] with Founder & CEO, iCE3X, a South African Digital Asset Exchange
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