Eqonex - Exchange Review

First look

Eqonex launched in 2020 from Singapore under Diginex’s umbrella. They marketed a full crypto exchange, spot trading, derivatives, token EQO with staking and fee discounts. Liquidity and volume spiked in 2021 - April alone hit over $1 billion monthly, thanks to institutional liquidity partners and EQO token launch.

Still, skepticism followed. Some reports questioned whether that volume was artificially inflated or inconsistent with real market activity. Users poked at missing transparency - no public reserves, minimal audit data.

The shutdown

On August 22, 2022, Diginex announced it would close the exchange. Users had until September 14 to withdraw funds. The move was strategic: pivot into asset management and custody services like Digivault instead of loss-making exchange operations.

By November 2022 the platform declared bankruptcy. Cryptowisser marked it as dead, placing it firmly in their exchange graveyard.

Where it stands today

As of 2025 the exchange is fully inactive. Perpetual and spot trading are delisted or frozen. Trading volume has vanished - even official trackers list zero activity and no pairs live. No transparency remains, no community buzz, no updates. It’s a name in a database now.

Why it fell

They had ambition: licensed, equity-listed, token rewards, institutional partners. But execution stumbled. Without genuine market activity and trusting users footing the bill, the platform didn’t scale. And in crypto, glory without traction is short-lived.

Quick facts

Final thoughts

Eqonex had the setup: regulated, Nasdaq-listed, token incentives, liquidity partners. But crypto users moved on, volume dried up, and the platform never became self-sustaining. By 2025 the exchange is gone. Its story reminds us: even well-backed projects can vanish quietly if they fail to retain real user engagement and transparent infrastructure.