Cryptoasset trading platform Trade.io has announced a halt to its trading activities amidst the market slow down, while claiming that the suspension will only be transient.
On Oct. 22, Trade.io announced a complete suspension of trading on its platform, citing low volume and activity in the crypto markets. The announcement reassured investors that the suspension would only be temporary,
Trade.io is not going out of business. The crypto exchange will be archived securely and pending the financial opportunity will be reopened at a future date.
In addition to unfavorable market conditions, Trade.io said there was pressure from massive marketing budgets and increased infrastructure costs. They also called out the abundance of scam projects in cryptocurrency resulting from the lack of regulation, including exchanges posting artificially inflated volumes.
The announcement continued,
This is purely a profit and loss decision. Despite the success of our re-launch, it has become clear to us that in current market conditions the exchange is a long way from turning a profit. Profits (and losses) directly affect the LP payouts.
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