Belgium’s first and only crypto lender suspends activities
- Bit4You is Belgium’s first and only crypto asset lending platform.
- The platform says one of its main crypto asset custodian, CoinLOan, had been declared insolvent.
- The insolvency court order against CoinLoan was reportedly issued on Monday, 24 April, 2023 in Estonia.
In cryptocurrency news today, Bit4You, the first Belgium-based cryptocurrency lending platform,has announced its suspending its activities.
The crypto assets exchange made the announcement in a notice to clients and the community late Wednesday. According to the platform, the decision to halt operations came after it had learned that CoinLoan, its main provider, no longer had the required registration to operate as a virtual currency provider in Estonia.
As reported by Reuters on Thursday, an Estonian court declared CoinLoan insolvent on Monday, 24 April, 2023
Bit4You says its immediate suspension of activities is one of several steps it is taking as it tries to understand the whole situation.
However, the crypto lender says it has no reason to believe that the cryptocurrencies the custody provider held on behalf of its customers cannot be recovered.
Share this article
Categories
Tags
More Stories
Canadian regulatory body clarifies stablecoin rules for exchanges and issuers
The Canadian Securities Administrators (CSA) has provided guidance to exchanges and cryptocurrency issuers on its interim approach to what it...
EMAX investors given third and final chance at celeb promo suit
The plaintiffs of the EthereumMax (EMAX) investor class action lawsuit have been given a final chance to amend their claims...
SBF was ‘very resistant’ to investors on FTX board: Paradigm co-founder
Sam Bankman-Fried was “very resistant” to having investors join the board of directors at FTX, claims Matthew Huang, the co-founder...
Elon Musk hits at SEC, DOJ amid suit to force testimony in Twitter probe
Elon Musk has called for a “comprehensive overhaul” of the United States Securities and Exchange Commission hours after the regulator...
FTX deposits went to account controlled by Alameda for months, Yedidia testifies
Adam Yedidia, Sam Bankman-Fried’s college roommate and an early employee of FTX, continued his testimony on Oct. 5, the second...
‘We allowed Alameda to withdraw unlimited funds’ — Gary Wang at SBF trial
Gary Wang, the co-founder and former chief technology officer of cryptocurrency exchange FTX, was the latest witness to testify in...