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Regulatory victim: CryptoBridge gives up

The Danish crypto exchange CryptoBridge gets closed. In addition to a difficult market environment, regulatory difficulties are the reason for discontinuing operations, according to the company.

The company's web site states: "We have to announce with great regret that CryptoBridge will cease operations". Deposits have been only possible until December 3, 23:59 and payouts will be possible until December 15, 23:59.

The crypto exchange also indicates that users need to verify themselves in accordance with EU directives. Otherwise, customers would not be able to withdraw their deposits.

More and more states are regulating companies in the crypto industry. For example in Germany, companies which like to keep crypto values for third parties are requiring from 2020 onwards a BaFin license. The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, short BaFin) is a German public-law institution with legal capacity based in Frankfurt/Main and Bonn. It is subject to the legal and technical supervision of the Federal Ministry of Finance.


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