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Why is myCryptoWallet going into liquidation?

The world of crypto is unpredictable and away from easy predictions. The reason behind this unpredictable behavior of the cryptocurrency biosphere is due to volatility that causes rapid changes in the prices of currencies involved. The changes are so rapid that an asset that values hundreds in the afternoon can jump to plummet or fall on its mouth by the evening. Such a huge variation in prices has caused every investor over the network to be cautious of price variations and irregular market trends. The results of irregular market trends can be scaled up to the point of liquidation. If you are interested in bitcoin trading then you can visit this Web page.

Many exchanges on digital platforms have gone liquid and have caused a sheer imbalance in the lives of investors of these exchanges. In this article, we are going to discuss one such exchange wallet that has gone liquid due to non-speculative market trends and many other reasons. So, let us start the journey!

Why is myCryptoWallet going into liquidation

myCryptoWallet exchange 

This is an Australian crypto exchange platform and is the first zero-fee exchange for cryptocurrencies. The foundation of myCryptoWallet was laid in the year 2017 by a famous young entrepreneur named Jaryd Tyson Koeningsmann. He was the winner of the award for young entrepreneurs in the same year. The platform provided a secure environment for the insured and regulated flow of crypto and its derivatives. This platform has the benefit of fee-free investments in several cryptocurrencies like Bitcoin, Litecoin, Ethereum, XRP, and others cryptocurrencies. 

The dark phase of myCryptoWallet

In the year 2019, the dark phase of the crypto exchange wallet started when it experienced several setbacks and other technical issues. There was a famous dispute of this exchange wallet with the famous National Australian Bank. The customers have witnessed several issues right from start and they kept complaining about their inability to withdraw or move their funds. As a result, an investigation into his matter was later started and as a result, National Australia Bank temporarily suspended the bank accounts of the company. This resulted in leaving customers about 30,000 in number left in dark with no future for their holdings and future records. There was a complete shutdown of the trading facility for its customers and the related customers found nothing to trade on the platform. The authorities related to wallet exchanges appointed officials to liquidate the company and its shares.

The second company related to crypto failed

The second crypto company that failed within a short span of merely two months surprised everyone with this happening. The result of this was the complete bankruptcy of the entire crypto exchange platform and the result was the complete shutdown of the company in 2020 without any proper excuses from the company’s administration. There was nothing explained and although there was news of having some $10 million in bitcoin form as soon as creditors started taking rounds, this news was also put to an end. 

Out of the shadow nature of crypto in Australia

The Australian law for crypto is completely different. According to it, they do not recommend any digital currency as to be money. This is due to the unregulated nature of crypto assets and platforms in Australia that makes it unrecommended. Recently, there are some amendments in the laws to include cryptocurrencies in the main chain but still, these are unregulated. There is no provision for consumer protection and as a result, there is much left to it. Now, Australian law is changing and as a result, in some parts of Australia, the crypto trade has started to bloom. The holdings have become possible and there are positive responses from the authorities for the storage and trade of cryptocurrencies.

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