Today, Belgian crypto lending platform Bit4You announced its suspension of activities due to its provider, CoinLoan, no longer having the registration required to operate as a virtual currency provider in Estonia. This announcement followed an Estonian court declaring CoinLoan insolvent on Monday, 24 April, 2023.

In a notice to its customers and the community, Bit4You assured that its immediate suspension of activities is one of several steps the exchange is taking to fully comprehend the situation. Moreover, they mentioned they have no reason to believe that the cryptocurrencies held by the custody provider on behalf of their customers cannot be recovered.

Bit4You was founded in August 2020 and quickly became the go-to platform in Belgium for digital assets, offering services such as trading, storage, lending, and cryptocurrency-related financial services. All of these activities have been suspended until the situation is further clarified.

In the meantime, the exchange is working hard to make sure that no customer finds himself in a worse position due to the suspension. They reassured their customers by reiterating their unwavering commitment in safeguarding the best interests of all the people that have trusted their services.

Making sure their customers remain informed and have an updated understanding of the whole situation is their main priority. This won’t be easy, but Bit4You is pointed in the right direction with their plans to further clarify the situation in the coming days. They remain convinced that all customers will be treated in a fair and transparent manner.



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