The Dutch crypto broker LiteBit goes fuses due to the increasing complexity in the crypto market. Customers can switch to Bitvavo.
Rising operational costs, declining commissions and an “unfair competitive environment” have led LiteBit to cease operations. “The volatile nature of the market, rapid technological innovations, fierce global competition and complex regulations are hurdles that have become too great for LiteBit to overcome.”
The causes mentioned include the expected decrease in fees as a result of increasing competition and the lack of a global level playing field.
LiteBit has submitted the proposed collaboration with Bitvavo to relevant regulators who have yet to give their approval. Customers will be informed of the further course of this. Arthur van Lier, COO of LiteBit, says: ‘LiteBit guarantees that all credits are available to customers. The safety of customer funds has always been our top priority and we want to ensure a smooth and fast transfer of all funds for our customers.”
In Austria and France, customers have the option to sell or withdraw their balances, or to transfer them to Bitpanda.
In the coming months, LiteBit will gradually wind down the organization and eventually end operations. All employees will receive compensation.
Source: Nieuws – Emerce by www.emerce.nl.
*The article has been translated based on the content of Nieuws – Emerce by www.emerce.nl. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!
*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.
*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!