Bitcoin exchange MonetaGo is closing down (updated)

We just received word from U.S based bitcoin exchange MonetaGo that they are shutting down permanently.

MonetaGo provided services for users to buy and sell bitcoin with different payment methods in USD, and was a white label exchange partnered with AlphaPoint.

It’s unclear at this time exactly why the exchange is shutting down. In the email sent to us from the exchange they didn’t cite the reason for the closure. The email reads,

We are writing to inform you that MonetaGo will soon be closing our Bitcoin exchange.

The date for closure of the exchange is set for one week from today, Friday, 3rd June, 2016.

We thank you for your patronage over the past year. Going forward our team will be focusing on providing blockchain solutions.

Click here to log in to your account: https://exchange.monetago.com/#/login

Should you have any questions or concerns, please contact: custsvc@monetago.com

Kindest regards,

The MonetaGo Team

Users can still login to withdraw any funds you may have left on the exchange, but the timeline to closure is very soon. Last year it was confirmed that the exchange had applied for the New York State BitLicense, but it appears that the application was never processed or approved.

In an interesting tweet sent just today from the MonetaGo Twitter account, they posted an article from the Huffington Post quoting “Regulators have good intentions with unintended consequences.”

Update: Jesse Chenard, CEO of MonetaGo reached out to us to clarify what’s happening with the company. He said that MonetaGo is only shutting down the bitcoin exchange, but the company is staying in business re-focusing their efforts [on providing blockchain solutions] to other businesses. He also told us that they are amending their BitLicense application in attempt to still seek regulatory approval in New York.

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david@bitcoin.com'
David is a writer, researcher, and developer who is passionate about bitcoin and blockchain. He writes for Bitcoin.com, Blockchain.com, and is the founder of Bitcoinx.io (which was acquired by Bitcoin.com). David previously used to write and curate for Myspace and has worked in the fintech and payments space for over 15 years.