We regret to announce that operating an exchange without License and USD account has resulted in poor liquidity and less participation from users. We have delivered a working exchange after months of deliberations and hard work without raising any finances from outside, however, operating and managing exchange requires huge costs which we are not able to circumvent. The Lobstex team has decided to close XLobs exchange from 10 July, 1 pm UTC. We therefore request the users to withdraw the coins which are on exchange in a weeks time i.e. 15 July, 1 pm UTC.
On the other hand, many of you will ask whats next for Lobstex? We are in process of creating an environment of Lobstaq universe. Lobstaq currently comprises of Cointaq, which is a crypto asset news aggregator with in-built feature of earning. Cointaq works on the principle of Learn & Earn, reading news from the website for 10 minutes will earn the users 1 Lobs coin after successful registration. In future, we will add more features on Cointaq. One of the feature includes CHIRP where coins can provide updates about their projects. Apart from Cointaq we are working on other projects under the umbrella which we will announce in future.
Website:
https://cointaq.com/I was aware of exchange not doing well, but not expecting to close so quickly. Any chance to attract more users? Why not adding more alt coins people voted for? Also compulsory KYC registration can discourage new users to join, can you allow registration and trading for users without KYC with some limit in deposit/withdraw?
Anyway I understand your decision if costs are too high...
I'm not worried about the future of the project, is still solid and moving forward to another , possible better, use case for the coin is totally fine.
Thanks for the update!