Belgian cryptocurrency trading platform Bit4You has announced the suspension of operations after it discovered that CoinLoan, one of its service providers, was declared insolvent by an Estonian court.
The CoinLoan Insolvency
The cryptocurrency trading platform learned about CoinLoan’s insolvency issues on the 24th of April. According to a blog post published by the crypto lender, it learned that CoinLoan no longer had the necessary registration to qualify as a digital asset custodian. The blog post stated,
“We would like to inform you that we recently learned that one of our major service providers, CoinLoan, based in Estonia, no longer has the required registration as custodian of virtual currencies. Following this, we immediately took several steps to understand the nature and scope of this situation.”
However, Bit4you added that it does not have any reason to believe that the funds it held with CoinLoan would not be recovered.
“We were informed that a court decision
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