Cryptocurrency trading platform GO.Exchange shut down today due to overbearing regulatory requirements, according to a statement. The exchange is a subsidiary of Thai financial services company Omise Holdings, that builds the OmiseGO (OMG) cryptocurrency.
From today, the exchange will no longer accept new customers or allow trades to take place on the platform, other than withdrawals. Customers have until March 15, 2020, to withdraw their funds.
GO.Exchange’s team blamed increasing regulatory complexities and uncertainty for the sudden closure, “which considerably changed the cost/benefit analysis of operating an exchange.”
The exchange was launched in March 2019, with the aim of providing a “secure, sustainable, and fully compliant platform.” It applied for a license to operate in Malta in late 2019. But the regulatory hurdles were too high.
OmiseGo is a proof-of-stake cryptocurrency designed for use in financial services. In July 2017, an ICO for OmiseGO raised $25 million, with the Thai Ministry of Finance officially endorsing it a month after the public sale.
However, the price of the token has flatlined in the last year, to a current price of $0.86—down 97% from its all-time high of $25. That the project is running out of funds is not exactly a surprise.