Bit4You, Belgium’s only crypto startup, suspended its operations after the service provider declared bankruptcy.
Bit4You learned of CoinLoan’s bankruptcy on April 24. However, it no longer has the required registration as a custodian of digital assets.
Bit4You Suspends Transactions After Service Provider Bankruptcy
Belgian cryptocurrency lending platform Bit4You has suspended its operations after one of its service providers, CoinLoan, was declared bankrupt by an Estonian court.
A court in Estonia recently ordered CoinLoan to cease operations, including withdrawals.
Bit4You CoinLoan learned of its bankruptcy on April 24, the lender wrote in a blog post Wednesday. However, the company has announced that it no longer has the required registration as a digital asset keeper.
Bit4You added that there is no case yet that funds held in CoinLoan will not be recovered.
Bit4You said it has different assets on CoinLoan, including 145.3 BTC (approximately $4.2 million), 1097.5 ETH (approximately $2.1 million), and 501.1 BNB (approximately $166,000). .
