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Gatecoin, a Hong Kong-based cryptocurrency exchange, has announced its closure and liquidation following unsuccessful attempts to recover funds lost as a result of a dispute with a former payment service provider.
The news comes from an official statement posted on the Gatecoin website.
As specified by the company, Gatecoin had problems with its banking partners in September 2018, forcing the lesser known exchange to enter into working relationships with a payment service provider (PSP). This supplier is apparently fully compliant with French regulations. However, Gatecoin blames the PSP for not having "processed most transfers in a timely manner".
[This] in turn, almost paralyzed our operation for many months and resulted in substantial losses on our part.
Things apparently got worse when Gatecoin decided to replace the problematic PSP with "more reliable alternatives". The previous PSP would have retained a significant portion of the stock market funds. The lawsuits apparently had little effect on the recovery of funds – which seems a bit suspicious. Explain the statement:
After months of trying to recover these funds, we took legal action against this PSP, but we were informed that it was unlikely that we could recover the funds in full.
This financial difficulty, probably badociated with the continuation of the bear market, forced Gatecoin to close shop. The court ordered the company to dissolve on March 13, 2019 and a provisional liquidator was put in control. All operations must stop immediately. "Rest badured that we will badist the liquidation process to accelerate the realization and redistribution of our badets to creditors," the statement said.
Gatecoin now joins the growing list of failed markets and deaths in bear markets, while the industry of block chains and cryptocurrencies continues to eliminate waste and separate wheat from glitter.
What do you think of closing Gatecoin? Let us know your thoughts in the comments below!
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