The decentralized cryptocurrency exchange (DEX) CryptoBridge announced that it is closing down in a message on its website.

In the announcement, the substitution warns users that all of the firm's services and servers will terminate subsequently Dec. 15. Users will be able to withdraw funds from the exchange until the terminal 24-hour interval of functioning, simply deposits will be closed after Dec. 3. The announcement reads:

"Please note that user verification is required by EU law for all withdrawals. We highly recommend that you start the procedure every bit early every bit possible as verification can take a few days."

Scammers are impersonating CryptoBridge

The visitor cites market place conditions, increasingly strict regulation and lack of funds every bit reasons for its decision to close and not pursue further development.

Users visiting the official Twitter profile of the substitution are met with a "that folio doesn't exist" alert. However, a new CryptoBridgeEU account became active earlier today and spreads messages in conflict with the declaration appearing on the official platform's website. The account in question claims that the shutdown of the platform is only temporary, stating:

"I'm proud to announce CryptoBridge's termination is non the end! We will exist moving our headquarters to Denmark! Nosotros will have a new site up and running so stay tuned!"

An update to the official website confirms that the profile is fake:

"Our social media channels are closed, all accounts on Twitter that are pretending to be representing CryptoBridge are imitation. We are not planning a comeback at the moment."

Trigger-happy contest in the DEX infinite

The contest in the DEX space is becoming increasingly fierce. Major crypto substitution Binance launched i in Apr while its competitor Poloniex acquired a Tron-based DEX at the terminate of November.

On Nov. 27, decentralized liquidity network Bancor appear a threescore,000-token airdrop in an attempt to expand its liquidity puddle. Low liquidity is a major upshot facing decentralized exchanges and hindering their ability to compete with centralized exchanges.