Cryptocurrency exchange GO.Exchange announced yesterday that it will close all its trading operations on March 15, 2020.

It also announced that it is no longer accepting new clients.

This relatively obscure platform has announced that it will be closing its doors.

All GO.Exchange operations have been suspended and users can no longer make trades. Withdrawals will be allowed until mid-March, after which the platform will be closed permanently.

GO.Exchange closes its doors:

In an announcement yesterday, the GO.Exchange team said they began building the project in the summer of 2018.

However the platform failed to catch up with this competitive industry.

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The start of podium operations during the 2018 relegation period was a major hurdle the team was unable to overcome.

The announcement notes that regulatory pressures have also led to further complications.

It appears that GO.Exchange is set to receive a license in Malta but has decided to “stop this effort due to external factors”.

All old social media accounts linked to ‘GO.Exchange’ on Telegram, Reddit and Twitter will be closed.

As of now, the plan is to shut down the trading platform on March 15, 2020, and all social media accounts will be closed by March 31, 2020.

First Cryptocurrency Exchange to Shut Down in 2020:

Although GO.Exchange is likely to be the first platform to stop working in 2020 so far.

The year 2019 saw a large number of trading platforms shut down and follow the same fate as “GO.Exchange”.

For example, we mentioned on the Arab Bitcoin website many trading platforms that were closed earlier, including:

COSS Cryptocurrency Exchange Shut Down For 4 Weeks With User Funds And Without Warning

Cryptocurrency exchange Einstein shuts down with more than $12 million in debt to its users

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Other exchanges are facing the burden of regulatory pressure in 2019 and many of them fail to comply with the law, leading to their closure.

In November, around 173 crypto-related and token-issuing platforms were shut down in China due to regulatory reasons.

The reasons for GO.Exchange’s closure appear to be due to the increased costs surrounding the Maltese regulations that have made its platform simply unprofitable.

Unfortunately this is the same story being repeated with many other trading platforms, and GO.Exchange certainly won’t be the last.