Canadian Bitcoin Exchange Cointrader Is No More

It appears as if Canadian Bitcoin exchange CoinTrader has been taken offline all of a sudden, and there does not seem to be an indication regarding the platform ever returning. Although Cointrader was acquired about a year ago by Newnote Financial Corporation, not much news had come out ever since. Customers with an outstanding balance will be contacted over the next few weeks to settle everything.

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What Is Going On With Cointrader?

Although information regarding the Cointrader issues remains scarce for the time being, it looks like something major has happened to the exchange platform. The message on their homepage leaves nothing to the imagination, as the exchange has closed its doors effectively immediately, and no previous warning has been issued to users or on social media.

Speaking of social media, Cointrader used to have a Twitter account, which is no longer available. It looks like somebody is trying to erase all traces of this exchange ever existing at all. Oddly enough, their Facebook page is still available, although no news updates have been posted there since June of 2015.

The message on the Cointrader homepage reads as follows:

“CoinTrader.net has closed its doors effective immediately. Customers with balances will be contacted by email, mail or telephone to settle your account. We sincerely appreciate your business over the years. Questions can be directed to contact@cointrader.net”

It is positive to see the company acknowledging they will return user balances to their rightful owners, although the lack of further details is a bit worrying. Rather than forcing users to contact the exchange themselves, support staff will be taking care of getting in touch with everyone. No official timeline has been given as to how long this process will take in total, though.

Keeping in mind how this Bitcoin exchange was acquired by Newnote Financial Corp in 2015, things were looking up for Cointrader back then. Posting such a sudden warning about the platform shutting down, and removing their Twitter account, seems to indicate something went on behind the scenes.

We contacted Cointrader for a response.

Source: Cointrader

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