On May 1st, 2018. BTCxChange, Romania’s first Bitcoin exchange announced that it will close it exchange. BTCxChange was the first Bitcoin exchange in Romania to buy and sell Bitcoins(BTC) in a fast and secure way.
BTCxChange website stated: “We inform you that starting from 1st May 2018, our platform will be closed. Operations stopped back on 1st February but you still could stock your bitcoins on our platform.”
The users were also asked to withdraw all their balances before May 1st, 2018.
BTCxChange which was launched in 2014 had suffered losses from the very beginning due to which it had to stop its operations. BTCxChange lead programmer was accused of holding its servers hostage and asked its customers to withdraw their funds by 19th December 2014.
On 12th September 2016, BTCxChange closed after it terminated its operation and later put itself on sale on 18th August 2016. Max Nicula the CEO mentioned on his website that the service would relaunch with a new team and new ownership.
Nicula stated: “Some time ago, we decided not to look for new bank accounts in case they were closed. The reason being that the constant changes in the bank account and the lack of permanent stable solutions prevent us from developing our business at the speed we want.”
On 22nd January 2018 BTCxChange received a letter from Idea Bank that it would close its bank account and this was the 4th bank to stop working with the exchange in the last 12 months.
Max Nicula the CEO in a declaration in January 2018 also wrote: “All these actions require us to sacrifice short-term profit for a long-term result and no trust in the long-term stability of our banking solutions makes it irrational to sacrifice the short-term profitability for uncertain gains in the future.”