Monday 31 March 2014 8:08 am

UK Bitcoin exchange shuts up shop

Publisher Desk

Publisher Desk

Bit121 a UK-based Bitcoin exchange has suspended trading and will be closing temporarily from today.

The exchange has not confirmed when it will reopen.

Bit121's site functionality was removed on the 26 March. However, the site did provide the following exceptions:

1. Users will be able to view their account balance and account statement
2. Users will be able to withdraw any sterling balance if greater than £50. (Please be advised that bit121 will be waiving the £10 withdrawal fee)
3. Users will be able to withdraw any bitcoin balance. 

Bit121 had advised customers to withdraw all of their Bitcoin before it shut up shop.

The company had been working with payment service provider Pacnet services, which subsequently worked with Barclays.

However, the exchange experienced difficulty gaining an alternative banking partner.

Bit121 told Coindesk "rather than have the website sitting dormant with minimal activity, it made sense to temporarily close Bit121 until a suitable banking partner has been secured."

The company said it would need to redesign some back-end processes to provide an improved services to customers.

The exchange said on its website that "we like to think we have simply gone into hibernation, and we fully intend to re-open at some point in the near future."

The company thanked its customer for their business, support and understanding. Bit121 ranks among the smaller exchanges, with daily trading volume around £100,000 and over 500 registered users, according to the company's chief executive Jim Iddiols.