FXBTC Exchange Shuts Down Ahead of Schedule, Leaves Customers in Havoc

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Walk Away from Bitcoin, Says PBOC Official in his Personal Blog
Walk Away from Bitcoin, Says PBOC Official in his Personal Blog

Walk Away from Bitcoin, Says PBOC Official in his Personal Blog

ForexMinute.com – One might call it a fraudulent deed indeed! Popular Bitcoin Exchange FXBTC, which earlier announced to close itself down on May 10 this year, didn’t deliver a perfect farewell to its customers. The exchange shut down its services a day ahead of its scheduled date that left many customers in fury for not being able to withdraw their money.

If sources are to be believed, FXBTC has flown into dark by taking funds worth $10,000 (in both Bitcoin and Litecoin). The exchange never warned its customers about its early shut down. One can simply assume that they deliberately shut down prior to the original schedule; reason can be easily guessed.

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FXBTC had earlier announced to close itself down entirely after being stricken by the PBOC rulings that asked all commercial banks and third party payment services to terminate their business relationships with Bitcoin-centered companies. Whilst the exchange presented its customers with a deadline – March 10th – before which they could easily withdraw their funds from the accounts. As the news hit the market, customers flocked in to withdraw their money, causing Bitcoin prices to rapidly decline on the exchange.

Meanwhile, on May 9th FXBTC brought itself to zero, while taking the remaining customers’ funds as well. Customers, on the other hand, were clueless as the exchange also closed down its customer support along with its website. The users although have made a complaint to Shanghai’s Xujiahui District public safety bureau. The whereabouts of this case is although unknown.

Although, the amount is less compared to the fortune FXBTC had made before closing down. We believe that the exchange might return this money sooner or later by other means. If not, we don’t have a clue how Chinese authorities are going to react on this accidental theft.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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