June 10, 2023

Taylor Daily Press

Complete News World

42,000 Belgians in trouble: Bit4You shuts down crypto platform

More than 40 thousand Belgian clients of the Bit4You cryptocurrency platform have recently found themselves in an unpleasant situation. They no longer have access to their crypto assets. The closure of the platform is due to the situation at an important partner of the platform, CoinLoan.

The Belgians are stuck in cryptocurrency

according to standard Bit4Y You have approximately 42,000 customers with €6.5 million in crypto in the platform. And suddenly they can no longer reach him. Estonian cryptocurrency lending platform CoinLoan, a significant partner of Bit4You, has lost its required license in Estonia.

However, losing this license is not the only thing customers worry about. CoinLoan was going to lose its license due to its bankruptcy declaration. in update to website From the Belgian crypto company, among others:

“In order to better protect the interests of our customers and for the sake of fairness, we have suspended the performance of activities through the platform. […] Cessation of all activity on the platform is a difficult decision that we have made with a heavy heart.”

There are no indications that the cryptocurrency is lost forever

How the situation will turn out is unknown. However, Bit4You states: “So far, we have no indications that cryptocurrency held at CoinLoan on behalf of our clients will not be redeemed.” The only thing our southern neighbors can do for the time being is wait in suspense.

This situation is somewhat reminiscent of the case of Bitvavo and the Genesis crypto lending platform. The Dutch Stock Exchange has millions tied up in the bankrupt company and has been trying to recover this money for a long time. However, Bitvavo has made it clear that it guarantees the entire amount owed. So customers will not suffer a loss if the encryption is not back in the worst case.

See also  Huawei CEO: Without a US trade ban, we and Apple would have been the biggest - tablets and phones - news