Canadian Bitcoin Exchange CoinTrader Shuts Down

March 30, 2016 16:41 UTC

Canadian bitcoin exchange CoinTrader has shut down its operations. By the look of things, there is no indication that the exchange will resurface at a later time, either.

CoinTrader, a Canadian bitcoin exchange that – in addition to its exchange platform – also has BTM ATM machines in London and Tokyo, along with point-of-sale systems called CoinZero has “closed its doors” with immediate effect.

The home-page of the website simply reads:

CoinTrader.net has closed its doors effective immediately. Customers with balances will be contacted by email, mail or telephone to settle your account. We sincerely appreciate your business over the years. Questions can be directed to contact@cointrader.net

A quick search of CoinTrader’s social media accounts shows that its official Twitter account is also offline, while a lookback reveals activity from November 2015.

CCN previously reported on CoinTrader’s acquisition by publicly traded Newnote Financial, in a cash and stock deal for $1.5 million in March 2015.

At the time, CoinTrader was the second-largest Canadian bitcoin exchange by volume and the first in the world to be traded publicly on multiple exchanges around the world, via Newnote Financial.

In addition to the unexpected announcement from CoinTrader, Newnote Financial Corp’s website is also barren, as things stand, with a message that states: “something cool coming soon. The Newnote website will be available soon.”

It is yet unknown as to how management or those responsible at CoinTrader plan on looking into the feasibility of reaching out to every customer individually to settle their accounts.

CCN has contacted CoinTrader for a comment on its unexpected closure but a representative was unavailable at the time of publishing.

Featured image from Shutterstock. Twitter screenshot from Web Archive.

Last modified: March 30, 2016 16:54 UTC

@sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas

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