Hong Kong-based bitcoin exchange Gatecoin has said it is shutting down citing financial difficulty. The exchange suffered a $2 million hack in 2016 and hasn’t been able to recover the funds. However, Gatecoin blames a registered French payment service provider for paralyzing its operations. The payments company allegedly duped the exchange out of an unspecified amount of money in unsettled transfers.

Also read: Basel Committee sets out Guidelines for Banks Intending to Enter Crypto Market

Payments Provider Cripples Exchange Operations

“We have suffered financial difficulty over a period time to an extent that we are no longer able to support our operation,” Gatecoin lamented in a statement published on its website announcing the shutdown on March 14. The court on Wednesday “granted a winding-up order against our company. A provisional liquidator has been appointed and we have to cease operation with immediate effect,” it added.

Bitcoin Exchange Gatecoin Shuts Down Citing Financial Difficulty

Founded in 2013, Gatecoin was focused entirely on bitcoin, ethereum,…

Click to continue reading on its source location…

Source: https://news.bitcoin.com/bitcoin-exchange-gatecoin-shuts-down-citing-financial-difficulty/