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XRP-Based Exchange XRP United to Cease All Operations

XRP United will shut down in July, only seven months since it began operations. Clients are advised to withdraw all their remaining assets before July 1.

XRP United announced June 3 that it will stop accepting fund deposits beginning June 15, as the first full XRP-focused exchange will shut down next month.

The Estonia-based exchange made the announcement on Twitter. It advised users to withdraw all their assets before July 1, 2019 at 00:00:01 UTC.

Clients who will fail to withdraw their Ripple (XRP)-paired assets before the set date and time will no longer be able to access their accounts. Funds left not withdrawn will be liquidated, proceeds of which will be donated to charities, according to the notice.

The exchange also notified users that it has cancelled on June 1 all ongoing raffles and campaigns. Included here is the Lamborghini Hurican Spyder giveaway.

XRP United CEO Mart Liivand pointed to “unusual and unexpected circumstances” as the reasons behind the closure:

“The decision isn’t easy, however due to unusual and unexpected circumstances in the past 4 months this decision feels the best for the XRP United team.”

Meanwhile, others speculate that the passing away of XRP United Founder P3T3RIS may have fueled the team to pull the plug.

In the sent notice, Liivand said he and the team will keep working in the fintech space and with XRP. He also revealed that they will soon introduce new projects.

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