A statement came from the regulator for Bit4You, the Belgian cryptocurrency exchange that went bankrupt in the past months.
The Belgian regulator stated that Bit4You’s transactions have been suspect since CoinLoan’s collapse. The regulator made statements after the bankruptcy.
Belgian Regulator Makes Statements Regarding the Collapsing Stock Exchange
The Belgian regulator FSMA’s comments suggest that even before Bit4You’s Estonian corporate partner filed for bankruptcy, the exchange may have lost its license or potentially face bankruptcy.
Bit4You, Belgium’s oldest crypto exchange, was already facing loss of registration or prosecution even before it announced it was suspending operations in April, according to the country’s financial regulator.
Bit4You said it suspended operations in April, citing the Estonian collapse of service provider CoinLoan, which holds most of its funds. However, statements made by Belgium’s Financial Services and Markets Authority (FSMA) today showed signs that the situation was even more different.
In the statement, it was stated that the FSMA “notified the irregularities detected in relation to the former management to the prosecutor” while evaluating the application of the company within the scope of money laundering rules, and it was stated that the company “had to change all its governance structures”.
