Detoken is closing its doors

Dear Detoken user,

I'm saddened to announce that Detoken will be closing its doors on the 4th September 2021.

There are several factors that influenced our decision to close the Detoken platform. The main reason is that it's become increasingly apparent that Detoken's business model cannot continue to work given the changing regulatory outlook on cryptocurrency derivatives.

I've always been a firm believer in financial freedom and privacy, but in order to continue operating Detoken in its current form we'd be forced to introduce know your customer identity checks sooner or later. Unfortunately, the sad reality is that all players in the industry will have to make the same hard decisions about changing their business model or introducing these difficult and friction-inducing checks.

We started Detoken with the vision of creating a peer-to-peer, decentralised and free market, and collecting such information about our customers would go against this ethos and damage the customer experience.

Due to changing market conditions and other opportunities in the market, the founding team no longer has the motivation to continue and try to overhaul Detoken's business and governance model to maintain the same customer experience that we have today.

I'd like to take this opportunity to thank all of our customers and supporters, especially those that have been with us over the last two years. I'd also like to thank General Protocols, the team behind AnyHedge, as Detoken would not have been possible without them.

Since Detoken is completely non-custodial, we do not have access to your funds. We request that you retrieve your wallet seed words on your Detoken account page before 4th September 2021, to ensure you can recover your coins after Detoken becomes unavailable.

Alternatively, you may use the withdraw functionality to move these coins from your Detoken wallet into another wallet.

If you have any questions, or would like to consider purchasing the Detoken infrastructure, please reach out directly to me ([semyon@detoken.net](mailto:semyon@detoken.net)).