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Screenshot of a breaking news alert e-mail from Q2 2017
UK-based Bitcoin, GBP, USD and EUR exchange Netagio has announced a restructuring of its current business with a view to closing its Bitcoin exchange, instead launching a wealth storage business. Netagio will provide physical vault safekeeping options globally for retail and institutional investors, high net worth individuals and family offices.
As part of the new corporate direction, Netagio will close its Bitcoin, GBP, USD and EUR exchange platform with trading on all order books suspended immediately from today, February 16. Clients have been given 30 days notice to withdraw their funds and close their trading accounts.
All customers have been informed and are requested to withdraw their funds and close their trading accounts by March 18. From March 19 onwards, Netagio will provide physical vault safekeeping options as described above.
The reason for the closure of Netagio’s Bitcoin exchange?
Bitcoin’s several setbacks and languishing price has apparently dampened traders’ appetite for trading the virtual currency.
Netagio did mention that China leads the way in Bitcoin trading with 67% market share, the US 27%, while the EU only accounts for 2.5% and the UK 0.25% – mostly as a result of a lack of regulatory guidelines and UK banks withdrawing banking support from British Bitcoin business.
To see the official Netagio press release click here.