Crypto Lender Bit4You Suspends Operations, Insolvency Court Order Issued

• Bit4You, the first Belgium-based cryptocurrency lending platform, has announced its suspension of activities after one of its main crypto asset custodians, CoinLoan, was declared insolvent.
• An Estonian court issued the insolvency court order against CoinLoan on Monday, 24 April, 2023.
• Bit4You says it has no reason to believe that the cryptocurrencies the custody provider held on behalf of its customers cannot be recovered.

Bit4You Suspends Its Activities

Belgian crypto lender Bit4You has announced its suspending its activities due to an insolvency court order being issued against its main crypto asset custodian CoinLoan in Estonia.

Insolvency Court Order Against CoinLoan

The insolvency court order against CoinLoan was reportedly issued on Monday, 24 April, 2023 in Estonia. This news prompted Bit4You to suspend its activities immediately as they try to understand the whole situation.

No Reason To Believe Cryptocurrencies Cannot Be Recovered

Despite suspending operations, Bit4You says it has no reason to believe that the cryptocurrencies the custody provider held on behalf of its customers cannot be recovered.

Crypto Assets Exchange Notified Clients And Community

Bit4You notified clients and the community late Wednesday about their decision to halt operations. The crypto assets exchange is taking several steps as they attempt to mitigate any losses for their customers and move forward with their business model in a responsible manner .

Latest Cryptocurrency News From Belgium

This incident marks yet another setback for Belgian cryptocurrency businesses in what’s been a turbulent year for digital assets regulation across Europe. Nevertheless, Bit4You remains hopeful that it can continue offering a secure and regulated cryptocurrency lending platform in Belgium and beyond once this issue is resolved .