There may be more to the collapse of Belgian crypto exchange Bit4you1 than meets the eye, a statement from regulator FSMA_info suggests. By jackschickler
Bit4You said it was suspending activities in April, citing the collapse in Estonia of its service provider CoinLoan which held many of its funds – but revelations made today by Belgium’s Financial Services and Markets Authority suggest there may be more to the story.
“FSMA had previously notified Bit4You of its intention to refuse its request for registration” even before the crypto exchange asked to have its provisional registration withdrawn on May 2, the regulator said in a statement. FSMA had “informed the public prosecutor of irregularities noted in regard to the former management” while assessing the company’s application under money-laundering rules, the statement said, adding that the company had been “forced to modify all its governance structures” as a result of the regulator’s findings.
Belgium’s crypto registration regime took effect in May 2022, but existing companies such as Bit4You were able to keep a provisional license while their fuller application was considered. In an April 26 blog post, Bit4You said it was suspending activities due to the CoinLoan insolvency, and subsequently itself filed for
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