Looks like it the exchange was already on schedule to close with or without the COVID-19 pandemic.
Please know that the decision to shutdown operations did not come lightly as we have tried many ways over the past 12 months to keep afloat but unfortunately all good things come to an end.
The pandemic just made the closure sooner. I think the main problem tagz faced was that their platform wasn't generating enough profits to keep up with the operations being unable to compete with other market leaders. It's a good thing they gave users some heads up though.