Belgian crypto lender Bit4You suspends its activities

Belgian crypto lender Bit4You suspends its activities

By Benson Toti - min read
  • Bit4You is Belgium’s first and only crypto asset lending platform.
  • The platform says one of its main crypto asset custodian, CoinLOan, had been declared insolvent.
  • The insolvency court order against CoinLoan was reportedly issued on Monday, 24 April, 2023 in Estonia.

In cryptocurrency news today, Bit4You, the first Belgium-based cryptocurrency lending platform,has announced its suspending its activities.

The crypto assets exchange made the announcement in a notice to clients and the community late Wednesday. According to the platform, the decision to halt operations came after it had learned that CoinLoan, its main provider, no longer had the required registration to operate as a virtual currency provider in Estonia.

As reported by Reuters on Thursday, an Estonian court declared CoinLoan insolvent on Monday, 24 April, 2023

Bit4You says its immediate suspension of activities is one of several steps it is taking as it tries to understand the whole situation. 

However, the crypto lender says it has no reason to believe that the cryptocurrencies the custody provider held on behalf of its customers cannot be recovered.