Eqonex has announced it will be exiting the crypto exchange space by closing part of its operations.
Eqonex said it will close trading on its crypto exchange with users allowed to withdraw funds until Sept. 14. The firm said the closure was part of an effort to streamline operations that focused on offering “the most potential for revenue growth and long-term financial sustainability, which included its asset management and custody services at Digivault.
Eqonex CEO Jonathan Farnell stated that closing the exchange will significantly simplify the business, narrow focus, free up resources, and allow the exchange to operate as a more efficient organization with capacity to aggressively go after market segments that offer the most potential.
Launched in May 2020, Eqonex has undergone a few changes in leadership, from Richard Byworth overseeing the start of the exchange during his time as CEO from 2018 to 2021 to interim CEO Andrew Eldon starting in December 2021. Farnell took over operations at the firm in March, having experience working at Binance and eToro.
