Bitcoin Exchange Gatecoin ceased operations by a court

Hong Kong cryptocurrency exchange ceased operations by a court decision after an unsuccessful attempt to return funds in a dispute with a payment provider. The corresponding statement is posted on the official website of the platform.

After problems with banking partners in late 2017, the exchange made a deal with a regulated payment solutions provider from France. Nevertheless, the latter allegedly did not fulfill its obligations and the operations of the site were frozen for many months, which resulted in significant financial losses.

In September 2018, Gatecoin signed another agreement with another provider, but the previous one blocked substantial funds. The legal advisers of the organization agreed that during the course of the court proceedings, the chances of returning money are extremely low.

So, at some point, Gatecoin faced a situation in which it was unable to fulfill its obligations, and on March 13 the court decided to start an immediate liquidation.

We will remind, earlier it became known that the Maltese banks refuse to suppliers of cryptocurrency services to open accounts because of the “high risks”.

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