London, UK, 02 July, 2018: EXMO, Eastern Europe’s leading cryptocurrency exchange, has cancelled its scheduled TGE (token generation event) for public investors, as the company’s supply of its own funds for margin loans and product launches has reached full capacity.
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EXMO has stated that with respect to the process of selling units of a cryptocurrency pre-launch, the company cannot guarantee that no legal changes will occur, thereby increasing the risk for investors. In addition, given that EXMO considers the security of its partners paramount, they find this situation unacceptable. Ivan Petukhovsky, co-founder of the company, had this to say with regard to EXMO’s decision to cancel the event:
“A stable positive dynamics of all financial indicators of the platform and the incredible user’s number increase (currently, we have more than 1.5 million traders, and there are more than 10 000 people that register on EXMO every day) allows us to fully supply our product business plan”
The funds EXMO previously acquired from the crowdsale event were originally intended to be spent on introducing the option of margin loans, as well creating an insurance fund for them and obtaining the licenses necessary to make them a reality. Increasing demand from traders sparked the decision to make margin loans available, and in doing so, the company states that users of the exchange will be able to gain more on currency fluctuations by making use of an additional loan.
EXMO was founded in 2013 and has operations in London, Kiev, and Moscow. Currently the number one exchange in Eastern Europe, in terms of volume and liquidity, it is also one of the world’s largest global exchanges. EXMO boasts a userbase of almost 1.5 million users, in addition to 50,000 active traders, 53 trading pairs and 5 fiat currencies. The company claims a daily trading volume of $50 million. EXMO prides itself on being easy to use and having low commissions and fast transaction speeds, with a focus on strong security. In addition, it claims to offer a friendly and effective customer support system tailored to the individual needs of clients.
The two separate modes of EXMO’s trading platform, “Exchange” and “Trades” are geared towards users with differing levels of experience in and dedication to cryptocurrency trading. The Exchange mode caters mainly for novice users who won’t necessarily be interested in the finer points of crypto trading, while the Trades mode is aimed at those who already have some experience, or have studied the EXMO information at length and wish to make use of additional tools to take their trading to a higher level.
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