Why Did Txbit Close? Timeline and Withdrawal Deadline

Txbit stopped trading on 14 August 2023 and set its final service deadline for 14 September. Customers had a withdrawal window of about one month.

The distinction matters. The September shutdown date was not the last day customers could trade out of positions. That opportunity had ended in August.

Txbit belongs in Finlazo’s closed crypto exchanges record as a business wind-down. Its announcement is evidence of the operator’s stated reasons and withdrawal instructions. It is not an audited account of what every customer recovered.

Why did Txbit close?

In its 14 August 2023 announcement, Txbit cited adverse markets, tighter regulation and uncertainty over crypto’s legal status. Rising compliance costs and pressure on margins had made continued operations untenable, it said.

The notice identified no specific shutdown order, hack or quantified asset shortfall. It cannot establish whether undisclosed problems existed.

Txbit’s surviving GitHub profile identifies Txbit Global Services Limited and lists Seychelles. A profile is not a corporate-registry extract or evidence of a current operating licence.

Trading ended before withdrawals

CoinMarketCap’s retained exchange notice records the two stages. Open orders and trading services were to end from 14 August. Full service termination followed on 14 September.

These are historical dates. The table does not describe a withdrawal service available today.

The operator warned that funds left after the deadline would not be retrievable. It also anticipated queues for withdrawals, identity checks and support.

An instruction to withdraw is different from proof that a withdrawal succeeded. Confirming an individual outcome requires account records and, where applicable, the outgoing transaction record.

The token burn was a separate issue

Txbit announced plans to burn approximately 1.51 billion non-circulating TXBIT tokens, representing 95.6559% of total supply.

That percentage concerned token supply. It was not a customer repayment rate, a loss estimate or a measure of exchange reserves.

It also planned discussions with developers about transferring wrapped-token contracts. Neither plan proves completion.

A token’s continued existence on a blockchain would not, by itself, mean the exchange had reopened.

Can former customers still claim funds?

As of 16 October 2026, this review did not locate a verified later operator notice reopening withdrawals, an appointed liquidator’s claims portal or a confirmed receiving provider for Txbit customer balances.

The operator’s accessible Medium profile still displays the August 2023 closure announcement. CoinMarketCap lists the exchange’s volume as untracked and reserve data as unavailable.

Neither observation establishes the amount still owed to customers. This review also found no authoritative, current aggregate recovery figure.

The expired platform deadline should not be presented as a legal ruling extinguishing every possible customer claim. Any legal rights depend on the relevant entity, jurisdiction and evidence. Nor does the absence of a verified claims route justify promising that funds remain recoverable.

Former customers should preserve account emails, deposit transaction IDs, statements and support correspondence. A website using the Txbit name is not sufficient proof of continuity with the closed exchange.

The FTC warns that unsolicited recovery offers demanding upfront payment can cause further losses. Verify any claimed appointment or refund process independently before providing money or personal information.

For other documented outcomes, read Finlazo’s reporting on LocalBitcoins’ closure and DMM Bitcoin’s customer transfer. Each case has its own arrangements.

Readers considering a new purchase can review the options currently listed on Finlazo’s buy-crypto page. Finlazo cannot recover or release funds held by Txbit.

Information checked on 16 October 2026. The withdrawal deadline and token-burn figures above come from historical notices.