Crypto Exchange Bitvavo: ‘Clients Not Affected by DCG Liquidity Issues’ – IT Pro – News

Dutch cryptocurrency exchange Bitvavo says its customers are “not affected by DCG’s liquidity issues.” Bitvavo has deposited 280 million euros of cryptocurrency there, but the Digital Currency Group is currently unable to repay refunds.

According to Bitvavo the cryptocurrency exchange expects the loaned amount to be repaid “in due course” and to be able to “pre-finance all assets locked up at DCG”. According to the Amsterdam company, customers would not be affected by DCG’s liquidity problems. Bitvavo also states that “all credits and digital assets can be withdrawn at any time”.

Digital Currency Group’s liquidity problems arose due to the “current turbulence in the cryptocurrency market”. This was caused, among other things, by the collapse of the cryptocurrency exchange FTX. Other parties have also gotten into trouble because of this. Sam Bankman-Fried, founder and former CEO of FTX, was released earlier this week captured in the Bahamas. It’s suspected taking billions away from customers.

Bitvavo is the largest cryptocurrency exchange in the Netherlands, with one million Dutch customers. The company has abandoned cryptocurrencies to hit, or block against a return, by DCG. Although the terms and conditions state that Bitvavo is not responsible for the cryptocurrencies lent, the company still claims that it will come to the rescue.