LiteBit, 9 days ago

LiteBit to cease operations and to set up collaboration with Bitvavo

Due to market developments, crypto platform LiteBit ceases all operations and offers clients to transfer their funds to the Bitvavo platform. Clients will be actively informed and fully supported through the transfer process. LiteBit will wind down the organisation in the coming months. Employees will be supported towards a next step.

The crypto market is a very challenging and demanding one: the industry is known for its high volatility, fast-paced innovation, fierce global competition and complexity of regulation. Over the past 10 years, LiteBit was able to face these challenges and seize opportunities; to stand strong in economic decline and to grow in a rising market with a strong team, dedicated to safe, simple and above all compliant services.

Today however, increased costs of regulation, expected lower fees due to increasing competition and the lack of a global level playing field, provide challenges to LiteBit’s long-term sustainability.

Collaboration with Bitvavo

After careful consideration and weighing all options, LiteBit decided to cease operations and offer all clients the option to transfer to Bitvavo. Bitvavo is the biggest and most valued crypto exchange in The Netherlands, with a user-friendly platform, low trading fees, solid exchange functionality and compliant/reliable operations.

The competent regulators have been informed of the contemplated collaboration, which is under review. Clients will be informed about the details of this collaboration when this service is fully implemented. This is expected for the next couple of weeks.

Arthur van Lier, COO of LiteBit: “LiteBit continues to ensure all client funds are available to clients, as the security of client funds has always been our top priority. We are fully dedicated to a smooth and fast transfer of funds for our clients.”

Clients will be actively guided through the process

LiteBit’s clients will be actively informed and given the option to create a Bitvavo account by themselves and have their funds transferred to Bitvavo in a guided process or to sell or withdraw their funds at any time from the LiteBit platform.

All information and further instructions for clients can be found on the website, the LiteBit App or via Chatbot. LiteBit’s support team is on standby for any questions that clients may have.

In Austria and France, clients will have the option to sell or withdraw their funds or to be offered a transfer of their funds to Bitpanda, one of Europe’s leading digital asset platforms based in Austria. 

LiteBit will support all employees towards their next step 

LiteBit will eventually cease its own operations and wind down the organisation in the coming months. All employees will be compensated and fully supported, both in servicing clients during the wind down period and in their personal situation.

Corrien Verschuure, CFO of LiteBit: “We will ensure that all our employees will be well equipped for their next steps. Not only financially, but also via outplacement support.”

Compliance with rules and regulations

LiteBit has always been fully dedicated to be compliant with (inter)national rules and regulations. Unfortunately, a global level playing field hasn’t developed over time. LiteBit has informed all relevant regulators in The Netherlands, France and Austria about this transition. The board is keenly aware of the impact this decision will have on all stakeholders involved and is committed to lead the process in a proper way.

Arthur van Lier: “We have always had a good relationship with all relevant regulators and will make sure to wind down our business in a transparent and compliant way.”

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Nov 16, 2022

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