ICE3X, One of the Oldest Crypto Exchanges in South Africa and the Continent, Shuts Down Operations Due to Low Liquidity

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ICE3X, one of the oldest cryptocurrency exchanges in South Africa and across Africa, has ceased operations permanently.

According to an update on the website, the exchange has ceased operations following a lack of liquidity resulting in liquidation notice by its legal counsel and after suspending all trading on the platform on March 16, 2021.

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SEE ALSOBinance Delists All South African Rand (ZAR) Trading Pairs Apparently Due to Low Liquidity Volumes

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The closure announcement comes a few weeks after some traders noticed discrepancies in their trading which resulted in stop losses getting executed far lower than the set stop loss trigger limit.

In a statement on its website, ICE3X said:

“We regret to inform you that the platform will not return to operation and that we have been advised to initiate liquidation proceedings.

All withdrawals from the platform have been disabled, and we have processed the withdrawals which have already been submitted via the form today, manually.”

                       – ICE3X

This latest announcement follows a recent Binance announcement that saw the crypto exchange close all trading pairs for the South African Rand (ZAR) following low liquidity for the said pairs.

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RECOMMENDED READING: INTERVIEW [Q&A] with Founder & CEO, iCE3X, a South African Digital Asset Exchange

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