There are rumors that the major exchanges could be in trouble.
Both are preparing for tough days ahead with or without a bankruptcy filing.
According to leaked emails, Coinbase secretly announced it's "temporarily shutting down" a US-based program that paysinfluencers and publications to promote the platform.
The email said that the affiliate program in the US would be temporarily shutting down on July 19th.
The implication of the email is that the company no longer sees paying a modest commission for new users as a worthwhile investment.
The entire affiliate program has been shut down by coinbase. The red flag is a major one. I fear that there will be a shortage of money.
He said that cost cutting efforts could be to blame. They don't want to pay $5 for a new user. It feels weird to completely stop the program.
The news comes roughly a month after the company announced it was laying off 18 percent of its staff.
All this drama has pushed Coinbase to a point at which competitor Binance was able to overtake it as the world's largest coin exchange.
Two smaller exchanges have filed for bankruptcy in the last few weeks.
It is rumored on social media that larger players in the field could soon be in a position of not being able to pay back their debts.
Governments around the world are becoming more cautious of these exchanges. The Dutch central bank fined the company $3.4 million for operating in the country without permission.
Following a May Securities and Exchanges Commission filing that had investors worried, Armstrong dismissed rumors of an impending insolvency.
For the last week or so, it has been on a steady climb. The value of mainstream token has been sliding and hitting historic lows in the last couple of months.
It's not clear if their users will have meaningful recourse if more exchanges go kaput.
The exchange is temporarily shutting down its US affiliate marketing program.
There are more on exchanges.
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