While the crypto money market was in a downtrend, the news from some crypto money platforms upset its investors. According to the latest news, this cryptocurrency exchange announced that it has suspended its activities! Here are the details…
Bit4You, Belgium’s first and only cryptocurrency exchange, has suspended its activities!
cryptocoin.com As we reported, Belgian crypto exchange Bit4You suspended its operations after one of its key partners, crypto loan company CoinLoan, was declared bankruptcy investigation by an Estonian court. On the other hand, this news, shared in a post shared on Medium, caught the attention of many investors. After this event, which attracted the attention of many investors, users expressed their reactions on Twitter.
Cryptocurrency exchange Bit4You learned of CoinLoan’s bankruptcy when a court in Estonia unexpectedly ordered CoinLoan to cease all transactions, including withdrawals, on April 24. However, the cryptocurrency exchange shared a blog post on Medium on Wednesday, saying that it no longer has the required registration as a digital asset manager. Bit4You added that there is no indication yet that funds held at crypto lender CoinLoan will not be recovered.
Bit4You has announced its holdings on CoinLoan!
On the other hand, the popular crypto exchange has also released its asset list. This proof of reserve, which is extremely important to many investors, and the fact that it publishes the reserves available on CoinLoan reflects the transparency of the platform. On the other hand, Bit4You has listed the amounts of different assets it has stored on CoinLoan, including 145.3 BTC worth $4.2 million, 1097.5 ETH worth $2.1 million, and 501 BNB worth $160,000.
So how was the crypto loan company CoinLoan shut down? A court in Estonia ordered CoinLoan on Monday to cease operations, including withdrawals. On the other hand, last June, the platform limited withdrawals to $5,000 per 24-hour period to avoid running out of funds following the collapse of the Terra ecosystem.
