Belgium’s first and only crypto lender suspends activities

  • Bit4You is Belgium’s first and only crypto lending platform.
  • The platform says CoinLOan, one of the leading cryptocurrency custodians, has been declared insolvent.
  • A bankruptcy court order against CoinLoan was reportedly issued in Estonia on Monday, April 24, 2023.

In today’s cryptocurrency news, Bit4You, the first Belgian-based cryptocurrency lending platform, announced the suspension of its activities.

The crypto asset exchange news To clients and community late Wednesday. The decision to cease operations came after learning that its main provider, CoinLoan, no longer had the necessary registration to operate as a cryptocurrency provider in Estonia, according to the platform.

As report According to Reuters on Thursday, an Estonian court declared CoinLoan insolvent on Monday, April 24, 2023.

According to Bit4You, the immediate cessation of activity is one of several measures they are taking to get an overview of the situation.

However, cryptocurrency lenders say they have no reason to believe that custody providers cannot recover cryptocurrencies held on behalf of their customers.

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