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Brazilian cryptoexchange suspended activity with BTC

Brazilian cryptoexchange suspended activity with BTC
Oct 11, 2018 by Rico Wise

The XDEX cryptoexchange, created by the largest financing company in Brazil, XP Investimentos, has already made its website up and running, allowing its future customers to pre-register. Curiously enough, the exchange’s webpage states that customers will be unable to engage in Bitcoin transactions directly from their personal digital wallets.

The site promotes zero-fee cryptotrading for BTC currency; however transactions in other digital currencies, such as ETH, for example, will require paying additional fee.

As per the firm, the website contains an incorporated system for transfer recognition, which is connected to its banking institutions, securing speed and trustworthiness of the cryptotrading process. There have been no announcements regarding the launch date for the exchange, although the website states that customers will need to open their accounts when XDEX is open for business.

The company’s president, Guilherme Benchimol, claimed that is not exactly fond of the decision to move into the cryptotrading sector. According to his words, this had to be done because of the huge discrepancy in the numbers of Brazilians who are exposed to BTC and those investing in stocks.

Cryptoexchanges in Brazil have been scrutinized for quite some time. Two months ago, the state authorities initiated a probe into the operation of domestic crypto-related businesses to find out about their businesses and possible use in money laundering.

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