In an announcement, the owners of Vault of Satoshi have informed their clients/users that they will be closing the Canada-based Bitcoin exchange on 5th February. According to them the decision is inspired by the “insane” growth of a new business venture TurboFlix which has encouraged them to switch focus.
The Bitcoin exchange says that although new deposits will no longer be accepted, it assures users that they will have plenty of time to finalize any trades and withdraw any outstanding funds with all of the convenience and expeditiousness that they are used to. It requests them to ensure that all of their withdrawal requests are submitted by February 5th.
The note further says that the Bitcoin exchange expects there will be some speculation as to why the Vault is going to be sealed forever; however, it cleared and reassured the fellow users that it has absolutely nothing to do with insolvency, stolen funds, or any other unfortunate scenario.
Vault of Satoshi made it clear to the Bitcoin community that to this day they are proud to have run the first full proof-of-reserve exchange in the industry, with strict compliance and security regimes. It claims that its decision stems from opportunities presented by a new business that has forced them to reexamine their priorities.
Informing the Bitcoin community Vault of Satoshi says, “Our founders and team of developers began work on a new, non-cryptocurrency project about 6 months ago, which has since become quite successful. We are forced to make a choice on where to expend our efforts, as we simply do not have time to continue operating both businesses.”
Proud of Association with Bitcoin
It further clears, “We feel splitting our focus would be a disservice to the customers of Vault, so although our competitors may lack some of the features, currencies, and innovations that Vault brought to the Canadian market, they will serve you well for your basic exchange needs. We are still true-believers, and think Satoshi Nakamoto has set in course something that will change the world for the better.
Though it faced some issues, so far Vault of Satoshi has been one of the more popular Bitcoin exchanges in Canada and one of the more well-known exchanges from the country internationally. The Bitcoin exchange was well-connected in the Bitcoin ecosystem and looked quite promising as well with its products.
There were some reports that Vault of Satoshi faced issues in some jurisdictions, notably pulling out of the US market in March of last year; however, it did not have a lot of impact as it worked quite well after that issue.
To contact the reporter of this story: Deepak Tiwari at email@example.com