German cryptocurrency exchange Nuri is liquidating its business after failing to raise additional funding to continue operations.
The exchange, owned by crypto bank Nuri, has asked customers to withdraw funds by December 18. According to the site, the financial group was unable to raise sufficient capital to continue its work. The reasons that led to the closure of the business are cited as a prolonged decline in the cryptocurrency market and the inability to compensate for significant capital losses due to the collapse of the Celsius Network.
“This year the problems have become insurmountable due to the difficult economic and political environment in recent months, which has prevented us from raising new funds or finding a buyer. In addition, the insolvency of one of our main business partners has significantly worsened the situation and put us in a dead end,” Nuri said in a message to customers.
Now users have access to the platform and will be able to withdraw funds until December 18. All assets linked to their account are completely safe and unaffected by Nuri’s insolvency. Crypto assets trading will be available to exchange clients through the application until November 30.
In August, the German cryptocurrency bank Nuri announced its temporary insolvency due to the fall of the cryptocurrency market and the massive ruin of companies. However, during the pre-bankruptcy proceedings, the company failed to present a convincing business restructuring plan to potential investors.
Source: Bits
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