Gatecoin Cryptocurrency Exchange Is Over

Gatecoin, a cryptocurrency exchange in Hong Kong, has already been in a market crisis. The company announced on the website today that it has been issued a cease and desist by the court and the exchange has to stop operating immediately. However, the company did not say how many users are affected or how to return the funds deposited in the exchange to the user.

When responding to CoinsNetwork’s enquiry, Gatecoin’s founder and chief executive, Aurélien Menant, said that he was currently negotiating with the provisional liquidator and had no time to explain more details about the company’s liquidation, but indicated that it would announce the latest development as soon as possible. According to his reply to other users in Telegram, he pointed out that all transaction records and assets were settled with the provisional liquidator, thereby allocating funds to the user.

Currently, there is only one letter left on the user’s website, which mentions that after the bank froze its account last year, it has switched to a regulated payment service provider in France to settle its user transactions. However, due to the failure of the supplier to process a large number of transactions in a timely manner, Gatecoin operated for several months and caused significant losses.

The letter continued to claim that in the past, the company was in financial difficulties and could not support operations. In September last year, Gatecoin had switched to other service providers, but a large amount of money was accumulated in the hands of the French payment service provider. Even if you resort to legal action, you may not be able to fully recover the funds. As a result, the court has issued a winding-up order and has appointed a provisional liquidator to stop the operation of the exchange. The letter also stated that it would cooperate with the liquidation process and hoped to redistribute the remaining assets to creditors more quickly.

It is understood that although Gatecoin was established as early as 2013, it has not been a local mainstream exchange, and its trading volume is not too much. As for the Telegram group that posted the message to the user, the latest release was in November last year, while the Hong Kong group was last September.