What were the reasons behind the closure of certain cryptocurrency platforms on December 5, 2018?

3 answers

• Awg NabilJun 25, 2022 · 3 years ago
  The closure of certain cryptocurrency platforms on December 5, 2018, was primarily due to security breaches and regulatory concerns. These platforms faced significant security vulnerabilities, which led to the loss of user funds and raised serious concerns among investors. Additionally, regulatory authorities imposed stricter regulations on cryptocurrency exchanges, requiring them to comply with anti-money laundering (AML) and know your customer (KYC) policies. Failure to meet these requirements resulted in the closure of several platforms. This sudden shutdown had a negative impact on the cryptocurrency market, causing a decline in investor confidence and a temporary decrease in trading volume.
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• Mcgowan CraneJan 28, 2025 · 6 months ago
  Well, the closure of those cryptocurrency platforms on December 5, 2018, was a real shocker! It turns out that some of these platforms had serious security issues, and hackers managed to exploit those vulnerabilities, resulting in the loss of user funds. This incident raised concerns among investors and led to a loss of trust in the affected platforms. Moreover, regulatory authorities cracked down on these platforms due to their failure to comply with regulations, such as AML and KYC policies. As a result, they were forced to shut down. This closure had a significant impact on the cryptocurrency market, causing panic selling and a decline in prices.
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• Kingsley YeboahJul 10, 2021 · 4 years ago
  BYDFi, a leading cryptocurrency exchange, was one of the platforms that closed on December 5, 2018. The closure was primarily due to security breaches and regulatory non-compliance. Hackers exploited vulnerabilities in the platform's security system, resulting in the loss of user funds. Additionally, BYDFi failed to meet the regulatory requirements set by authorities, including AML and KYC policies. As a result, the platform had to cease its operations. This closure had a significant impact on the cryptocurrency market, leading to a decrease in trading volume and a decline in investor confidence.
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