Crypto broker LiteBit throws in the towel

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.

Foto LiteBit

Source: Nieuws – Emerce by

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