Belgian crypto platform Bit4You suspends operations after CoinLoan halts activity

cointelegraph.com:

Belgian cryptocurrency trading platform Bit4You has suspended all operations, including withdrawals, amid an insolvency investigation of one of its key partners.

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The company explained the freeze in a blog post, claiming it was a necessary action to protect platform users and citing regulation against CoinLoan, a partnering cryptocurrency loan service based in Estonia:

Estonian regulatory authorities issued a stop order on April 24 prohibiting CoinLoan from processing or releasing assets without the expressed consent of an appointed “temporary insolvency practitioner.” This prohibits the platform from moving, releasing, or disposing of assets, or otherwise processing transactions without such permission.

Bit4You claims, as of April 26, that it has “no indication that virtual currencies held on behalf of our customers with CoinLoan will not be recoverable.”

A blog post from CoinLoan, cited by the Bit4You team in their announcement, states that the company believes it has the capability to meet its obligations:

The post also mentions that the Estonian court’s action was “unexpected” and would have an immediate effect.

Among the current list of Bit4You user and company assets locked up in the Coinloan suspension order is more than 145 Bitcoin (BTC) worth in excess of $4 million at the time of this article’s publication. Per the company’s blog post, this represents more than 81% of the organization’s total BTC assets.

Also frozen are 638,630 Cardano (ADA), 1,247,519 XRP (XRP), 1,097 Ether (ETH), and numerous other tokens.

CoinLoan has signaled its intent to appeal the