April 17, 2024

Taylor Daily Press

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Crypto broker LiteBit shuts down and sends clients to Bitvavo

Crypto broker LiteBit shuts down and sends clients to Bitvavo

LiteBit, the popular cryptocurrency broker, has officially announced that it has ceased operations due to the increasing complexity of the cryptocurrency market today. Instead, customers are offered a seamless transition to Bitvavo, known as the leading and top-rated crypto exchange in the Netherlands.

LiteBit is under market pressure

High operating costs, low commissions and an unfair competitive environment in the global crypto sector have put LiteBit out of business. “The volatile nature of the market, rapid technological innovations, intense global competition, and complex regulatory environment are obstacles that have become too great for LiteBit to overcome,” the company explained in an official statement.

Directing customers in the direction of Bitvavo

After extensively studying and evaluating different options, LiteBit decided to encourage its customers to switch to Bitvavo. LiteBit has submitted its plans to the relevant regulatory authorities, whose approval has yet to be obtained. Customers will be informed in detail about the partnership once it is formalized, expected in the coming weeks.

Arthur van Lier, COO of LiteBit, assures clients that “all credits are available and secure. Ensuring the safety of client assets has always been our top priority. We strive to ensure a smooth and speedy transfer of all credits to our clients.”

Safe and available customer funds

LiteBit will proactively communicate with its customers to offer them the opportunity to create a Bitvavo account so that their cryptocurrency can be transferred to Bitvavo. Alternatively, customers can choose to sell or withdraw their cryptocurrency through the LiteBit platform.

For customers in Austria and France, there are also options to sell or withdraw their funds, or transfer them to Bitpanda, a leading Austrian-based European cryptocurrency platform.

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Farewell according to the regulations

LiteBit regrets that there is no fair and global playing field in the crypto market, despite its continuous efforts to comply with national and international regulations. The company ensures that the dismantling of the organization is carried out carefully, transparently and in line with all relevant rules.