CryptoBridge Closes Down and Waves Relaunches, DEXs Face Tough Times

Around the same time, the Waves DEX also shut down to resume operations as a hybrid exchange.

While Waves ostensibly decided to "Merge all the infrastructure teams" together and focus on one product, CryptoBridge went out of business completely.

While the majority of cryptocurrency traders still have an easier time trusting a third party with their private keys, DEXs offer some unique benefits over centralized exchanges, namely security, since they rely on smart contracts instead of servers.

A cautious DEX that expected regulatory scrutiny from the get-goCryptoBridge was founded in July 2017 as "a gateway which provides access to BitShares: a high performance, scalable blockchain" that, in turn, allows users to trade established cryptocurrencies as well as "Up-and-coming tokens and altcoins." To fund the development of the software platform, CryptoBridge launched a native token called BridgeCoin, allegedly distributing 50% of all trade revenue to its stakeholders.

'Hard closure': Users are left angered as CryptoBridge erases social media After the announcement was made, CryptoBridge immediately shut down all of its social media channels.

According to the trader, enacting Know Your Customer and Anti-Money Laundering procedures "Was not an oversight but clearly intentional on Cryptobridge's part." After u/Apollohasgas provided CryptoBridge with their personal information including full name and residential address as well as scans of their driver's license and passport, the platform's administration requested a copy of u/Apollohasgas' latest tax return.

DEXs are still attractive, but implementation is trickyAccording to experts, CryptoBridge's departure marks a scenario in which other trading platforms are left in danger of facing similar symptoms.

"The closure of CryptoBridge is a sign that the new EU regulations are having an impact. If the new collection of data is married with the storage of data this becomes a massive undertaking for a smaller firm. It also removed the anonymity from DEX exchanges which, in essence, kills their business model."

Last week, major U.S. cryptocurrency exchange Poloniex purchased the largest decentralized exchange on blockchain network Tron, which will now operate under the new name "Poloni DEX." A month prior, controversial British-American entrepreneur John McAfee launched his own DEX.Meanwhile, Waves has relaunched by shutting down Waves.

The new exchange is allegedly non-custodial, meaning that user funds are not held on company-owned wallets - just like with most DEXs.