The EXMO cryptocurrency platform is finally abandoning the crowdsale for the introduction of tools for margin trading and is confident that the company’s own resources will be enough to provide a margin lending fund and implement all the company’s plans.
One of the most popular among traders from the CIS countries, the EXMO crypto exchange intended to conduct an ICO and planned to spend the collected funds on introducing margin loans, creating an insurance credit fund and obtaining the necessary licenses.
However, a message appeared on the official website of the exchange that the stable financial position of the platform allows the implementation of planned projects without an ICO, thanks only to its own resources.
This became possible thanks to the surge in popularity of the exchange at the beginning of the year, before the ICO planned for the end of February. Then investor interest in the planned sale of EXMO Coin exceeded the predicted number of investors three times. And compared to last year, there were six times more users interested in the margin lending service. Today, more than 1.5 million traders work on the EXMO platform, and more than 10 thousand people register there every day. This allowed the platform to raise funds to add a margin lending feature, mainly due to increased demand from traders.
In addition, the co-founder of the platform, Ivan Petukhovsky, believes that the tightened position of regulatory authorities in the ICO field, legal uncertainty and increased attention from financial authorities jeopardizes the safety of platform investors. The lack of legal regulation of ICO issues and the inability to negate the risks for investors that arise in this case convinced the EXMO cryptocurrency platform to abandon the public stage of the ICO completely.
Previously, the exchange had already postponed the crowdsale to raise funds for the introduction of trading instruments for margin lending and obtaining the necessary licenses from February to April. The reason for this postponement of the ICO was the exchange’s unpreparedness for the excessive interest on the part of users in the opportunity to make money on index fluctuations through additional funds.
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