Netagio, the UK Bitcoin, GBP, USD and EUR exchange, has commenced restructuring of its current business with the closure of its crypto-currency exchange platform.
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The firm has ceased trading on all order books from 16 February 2015 with the announcement of a 30-day notice period for its customers to withdraw their funds and close their trading accounts.
Netagio will launch a wealth storage business in March 2015 providing physical vault safekeeping options globally, for retail and institutional investors, high net worth individuals and family offices.
The new Netagio business will continue to operate in compliance with the KYC requirements and transparency obligations.
Netagio CEO Simon Hamblin said: "We are immensely proud of our efforts and achievements to date while facing the reality of a stagnating market place in Europe, in an environment of regulatory and political uncertainty facing Bitcoin businesses.
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By GlobalData"As experienced Board representatives we recognise when industry winds blow in other directions and it is time to review and restructure."
