Gatecoin, a cryptocurrency exchange platform that has had a little bit of a torrid history for the past two years is now closing its doors per an announcement posted on its website.
In its announcement, the Hong Kong-based exchange wrote that it will be compelled to halt all of its operations immediately, per a compulsory liquidation order from an unspecified court. Gatecoin will now work with regulators to see off the liquidation process and to ensure its creditors receive their fair share of assets.
The company’s announcement confirmed its travails, having experienced issues with its financial service providers in September 2018, it switched to an unspecified Payment Service Provider (PSP).
The statement reads:
“Even after we managed to mitigate our loss by replacing that PSP with more reliable alternatives to process our clients’ transfers in September 2018, the situation did not improve because that PSP retained a large part of our funds. After months spent trying to recover those funds, we commenced legal action…