- Bit4You is Belgium’s first and only crypto asset lending platform.
- CoinLOan has been declared insolvent, according to the platform.
- According to reports, the insolvency order against CoinLoan in Estonia was issued on Monday 24th April 2023.
Bit4You has announced that it will be suspending its operations.
The announcement by the crypto asset exchange was made in a notice Clients and the Community were notified late on Wednesday. The platform said that it made the decision to stop operations after learning that CoinLoan was no longer registered to provide virtual currencies in Estonia.
As you can see, reported Reuters reported on Thursday that an Estonian court declared CoinLoan to be insolvent by Monday, 24th April 2023.
Bit4You claims that its immediate suspension is just one of the steps it’s taking to try and understand the entire situation.
The crypto lender, however, says that it has no reason for believing that the cryptocurrency the custody provider had on behalf of their customers could not be recovered.