Bitcoin exchange Bitfloor closes its doors, could be a sign of things to come

Bitcoin exchange Bitfloor shuts down for "reasons out of our control", could be the beginning of the end.

@CharlesJGantt
Published Thu, Apr 18 2013 8:11 AM CDT   |   Updated Sat, Aug 8 2020 10:29 AM CDT

Not all that glitters is gold, and this morning Bitcoin investors who traded on the Bitfloor Bitcoin exchange are waking up to that hard to learn lesson. Bitfloor has announced that it has been forced to cease all operations due to reasons "outside of our control."

Bitcoin exchange Bitfloor closes its doors, could be a sign of things to come | TweakTown.com

Bitfloor, while not as popular as Mt. Gox, was still a key player in the Bitcoin game. In the wake of last week's Bitcoin crash, the exchange has had its bank account closed and as a direct result, must end all trading. We are guessing that when the massive sell off was over, the bank deemed Bitfloor too much of a risk and opted to part ways in an act of self-preservation.

Roman, the founder of Bitfloor, had the following to say:

"I am sorry to announce that due to circumstances outside of our control BitFloor must cease all trading operations indefinitely. Unfortunately, our US bank account is scheduled to be closed and we can no longer provide the same level of USD deposits and withdrawals as we have in the past. As such, I have made the decision to halt operations and return all funds. Over the next days we will be working with all clients to ensure that everyone receives their funds. Please be patient as we process your request."

With last week's crash, the current value hovering in the $80 range, and now this closure, could we be seeing the beginning of the end of the popular virtual currency? I want to know your opinion. Leave a comment below with your thoughts on the matter.

NEWS SOURCE:bitfloor.com

A web developer by day, Charles comes to TweakTown after a short break from the Tech Journalism world. Formerly the Editor in Chief at TheBestCaseScenario, he now writes Maker and DIY content. Charles is a self proclaimed Maker of Things and is a major supporter of the Maker movement. In his free time, Charles likes to build just about anything, with past projects ranging from custom PC cooling control systems to 3D printers. Other expensive addictions include Photography, Astronomy and Home Automation.

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