Bit4you: Belgium’s first and only crypto exchange to shut down

L’crypto exchange Belgian Bit4you has suspended its services after one of its partners, CoinLoanhas been declared insolvent by a court Estonian.

Touted as Belgium’s “first” cryptocurrency exchange platform when it launched in 2018, Bit4you announced on Wednesday the suspension of its operations due to problems impacting one of its service providers.

According to a statement, its Estonian partner CoinLoan no longer has therecord required as a depository of virtual currencies.

We have been informed that a judicial insolvency order was issued against CoinLoan on Monday, April 24, 2023 in Estonia. However, to date we have no indication that virtual currencies held on behalf of our customers with CoinLoan will not be recoverable,” the company added.

The Brussels-based platform, founded by Sacha Vandamme, offered the ability to buy and sell cryptocurrencies like Bitcoin. It states that CoinLoan held a portion of the assets of its approximately 40,000 traders. Specifically half, according to Lecho.

In its announcement, Bit4you declares that CoinLoan kept a number of tokens belonging to its users, including 145 BTC and 1097 ETH, with a total value of over 6 million at the current price.

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There is no guarantee today that investors in Bit4you will be able to get their hands on their digital coins again, according to our Belgian confreres. The CEO, CFO and other executives of the platform have recently resigned.

“We understand that this situation may cause concern, but we want to assure you that we are doing everything we can to resolve this situation diligently and protect the interests of our customers , concluded the crypto exchange.

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