“Bit4You Crypto Platform Shutdown Leaves 40,000 Belgian Customers with Frozen Crypto Assets”

More than 40,000 Belgian customers of the Bit4You crypto platform have recently found themselves in an unpleasant situation. They can no longer access their crypto assets. The shutdown of the platform is due to the situation at an important partner of the platform, CoinLoan.

Belgians have crypto stuck

According to The standard Bit4You has almost 42,000 customers who together have 6.5 million euros in crypto in the platform. So suddenly they can’t access it anymore. The Estonian crypto lending platform CoinLoan, an important partner of Bit4You, has lost its required license in Estonia.

However, the loss of this license is not the only thing that worries customers. CoinLoan would have lost its license because it was declared bankrupt. In an update to the website of the Belgian crypto company can be read, among other things:

“In order to best protect the interests of our customers and for the sake of fairness, we have suspended the performance of activities through the platform. […] Ceasing all activities on the platform is a difficult decision that we have taken with a heavy heart.”

‘No indications that crypto is lost forever’

How the situation will turn out is unknown. However, Bit4You states: “To date, we have no indications that the crypto held at CoinLoan on behalf of our customers will not be recovered.” The only thing our southern neighbors can do at the moment is wait in suspense.

The situation is somewhat reminiscent of that of Bitvavo and crypto lending platform Genesis. The Dutch exchange has millions tied up in the bankrupt company and has been trying to get this money back for a long time. However, Bitvavo has made it clear that it fully guarantees the outstanding amount. Customers will therefore not suffer a loss if the crypto does not come back in the worst case.