The Belgian crypto platform Bit4You, one of the oldest in our country with more than 40,000 customers, is closing down. It reports this on its website. The platform asks the corporate court to appoint a provisional administrator “to ensure the orderly settlement of the commitments”, it sounds.
Last week it became known that Bit4You was suspending its activities. An estimated 6.5 million euros was then blocked, various media reported.
The platform then referred to problems at one of its main service providers, Estonia-based CoinLoan, which no longer had the required registration as a virtual currency custodian. On April 24, a provisional administrator was appointed to that company by court order. Two days later, “in order to best protect the interests of our customers”, Bit4You suspended all operations.
Currencies
The platform says it has asked CoinLoan’s provisional administrator to reclaim as soon as possible the virtual currencies, “which remain the property of Bit4You’s customers whether or not CoinLoan or Bit4You continue their operations.”
In the meantime, the Belgian platform itself has withdrawn its application for registration as a VASP (Virtual Assets Service Provider) and has asked the corporate court to appoint a temporary administrator.
It is not clear how much money he will be able to recover. Unlike a traditional bank, there is no deposit guarantee (up to 100,000 euros) for crypto coins.
Are you one of Bit4You’s customers and would you like to tell your story? Contact us via our tip line 4040.
LOOK. Explained in 2 minutes: what are cryptos and how do they work?
How do you not lose your crypto coins in the event of a problem with an exchange platform? Expert: “You are fully protected via this device” (+)
Free unlimited access to Showbytes? Which can!
Log in or create an account and don’t miss a thing of the stars.