Cryptocurrency broker Xdex, created by XP Investimentos in mid-2018, closed its doors 17 months after starting operations. The information was released on Tuesday by the company's blog.
For regulatory reasons, the company later failed to register XP itself in its social contract. In place, a number of individual partners entered, including, as a majority partner, Guilherme Benchimol.
The statement cites the following reasons for closing:
“The projection of the market, competition and the few regulatory advances reduced the opportunities found at the beginning of the project and were the basis for this difficult decision taken by the company”, says the text.
Whoever has cryptocurrencies within the platform will have to withdraw the total balance in reais within 30 days – since the broker's system did not allow the possession of digital assets traded in the system, one of the major criticisms of users.
After the withdrawal request, according to the company, the money will be sent within one day. After the 30 days, the assets will be sold and automatically the amount of the sale will be deposited in the account registered with Xdex.