The startup will be dedicated to developing a new version of its platform. Users with funds in their system must withdraw them before January 21st.

It was reported that the Colombian cryptocurrency exchange Daexs will close operations on January 21st due to the interruptions occurring to the platform in recent weeks. Founded in 2016, but after a year of operations, the company urged its users to withdraw funds in fiat currencies or cryptocurrencies before that date.

The company said that the reasons for the closure include service failures due to the growth in the number of users and because they will be dedicated to creating a new version of their platform. In a statement, released on Tuesday, January 7th, the startup said the following:

“At Daexs, our priority is to offer an excellent experience to our users. We have decided this in order to develop a new version of our platform, which will allow us to overcome the unavailability events occurring recently, due to the increase in users, thus meeting our customers’ demand and requirements and strengthening our local and international competitiveness.”

However, it was not clear how long the cryptocurrency exchange house will remain non-operational, since the press release mentions an “indefinite temporary closure” for both Daexs Exchange and Daexs Pay, its payment solution. It could be deduced that the company will not offer the service again until its platform remains stable.

Withdrawal of Funds

Those users that do not withdraw their funds before the closure date must follow another protocol to obtain their cryptocurrencies or fiat currencies. That involves submitting a photocopy of the identity card or passport, an image of the document and a message authorizing the delivery of their funds from Daexs, plus the date of the request, the bank account number or the wallet address.

The service provider Daexs has had problems, at least since last November 26th, when the exchange house announced on its Twitter account that its website was undergoing maintenance. A new interruption was reported on December 21st, which would have accelerated the decision to stop offering the service until further notice.

Based in Medellín, Daexs was used to exchange cryptocurrencies such as Bitcoin, Ether, Litecoin, Dash and Tether for its users in Colombia and Panama, who could inject funds with Colombian pesos and US dollars.

Colombia and cryptocurrency exchange houses have experienced fluctuations over the years, since there are startups that have opened their doors to then close and open them again for regulatory reasons. Such are the cases of the and Panda Exchange crypto exchanges. The first one reopened in July last year after 11 months of inactivity whilst the second announced that month that it would reactivate its operations with Colombian pesos.

The coffee-producing country could be considered as one of the emerging markets for cryptocurrencies in Latin America. In a survey conducted by the Paxful crypto exchange, it was reported that 86.5% of Colombians are familiar with cryptocurrencies. Besides, according to Coin ATM Radar, in the country there are about 57 cryptocurrency ATMs, the highest figure for the region.

By Willmen Blanco


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