Exit stage left — Eqonex to close crypto exchange after two years

cointelegraph.com:

Nasdaq-listed digital asset investment firm Eqonex has announced it will be exiting the “crowded crypto exchange space” by shuttering part of its operations.

In a Monday announcement, Eqonex said it will close trading on its crypto exchange on Aug. 22 while users will be allowed to withdraw funds until Sept. 14. The firm said the closure was part of an effort to streamline operations that focused on offering “the most potential for revenue growth and long-term financial sustainability,” which included its asset management and custody services at Digivault.

“Closing the exchange will significantly simplify our business, narrow our focus, free up resources, and allow us to operate as a more efficient organization with capacity to aggressively go after market segments that offer the most potential,” said Eqonex CEO Jonathan Farnell. “We take a realistic view that our exchange will not move the needle for us financially over the near-to-medium term. We don’t see value in continuing to bear the costs of operating an exchange during what may be a prolonged market downturn.”

Important announcement from EQONEX. Today we announced that we will streamline our operations to focus on asset management and custody.Read our press release: https://t.co/M9zmDyOjIB (1/6)

The exchange said its EQO token “will cease trading with immediate effect” as part of the shift in strategy. Eqonex added it would move its principal business and several people from management from Hong Kong to the United Kingdom, where many of Digivault’s operations were based.

Launched in May 2020, Eqonex has undergone a few changes in leadership, from Richard Byworth overseeing the start of the exchange during his time as CEO from 2018 to 2021 to interim CEO Andrew Eldon