Because of Covid19 pandemic: Australian Bitcoin exchange closes its gates

The Covid19 pandemic seems to have no end. The effects of the global spread of the virus do not stop at crypto exchanges and even cause some to end their business. After a large number of exchanges had low visitor numbers, an Australian exchange has now announced that it will close its doors.

Customers must withdraw assets within 30 days

The TAGZ Exchange, after own information One of the 10 largest crypto exchanges on Twitter, is a registered and regulated Bitcoin exchange based in Australia - or rather, it was. Because like the company in one press release announces that the stock exchange will no longer exist at the end of July. The ongoing Covid19 pandemic and its ramifications led the exchange to decide to shut down:

Due to the Covid 19 pandemic and external factors that we cannot influence, we made the difficult decision to close the stock exchange and notify our customers within the legally stipulated 30 day period.

According to the exchange, there is no way to run the business profitably. From August 1st, the TAGZ Exchange platform will close and all functions will be discontinued. The company claims to liquidate all assets to settle the debt obligations.

Customers who still have assets on the exchange are requested to have them paid out within the next 30 days. All cryptocurrencies that are not paid out by July 30 will become the property of the Exchange. After the 30-day period, there is no longer any claim to his investments.

Coinmarketcap with a special feature

If you trade a lot with cryptocurrencies and have many different digital currencies, you know that you can quickly lose the overview. On which exchange you bought which cryptocurrencies is often forgotten. The coinmarketcap.com data platform has therefore considered a special feature.

Should a stock exchange close, interested investors will be informed of the news by looking at the stock exchange. This protects additional new investors from buying cryptocurrencies on the exchange.

Source: coinmarketcap.com

But if you store all your cryptocurrencies on a stock exchange, you might want to consider changing that. Because if you do not have the private keys - and this is not the case with storage on an exchange - you are not the owner of the digital assets. In the event of a hack, exit scam or expiry of the deadline for closure, as an investor you are not entitled to your investment.

For this reason, the blockchain and crypto community celebrates the so-called "Proof of Key" event at the beginning of January:

Why the “Proof of Keys” event is so important!

Markus from Kryptokumpel.de
Photo credit: pixabay.com | CC0