Another exchange has substantial losses and is on a par with dozens of other sites. Hong Kong Playground Gatecoin announced the closure of the news appeared on the official website. After unsuccessful attempts to recover funds lost due to proceedings with the same provider of payment services, it initiates the procedure of elimination.
Recall that in September 2018 the exchange has experienced problems with their banking partners. This forced the most popular platform to start cooperation with a payment service provider (PSP). In the end, Gatecoin blames it vendor that the exchange “failed to process timely the majority of translations”. By the way, he kind fully subject to French regulation.
It for a few months paralyzed our work and led to significant losses.
The situation only worsened when the exchange decided to change the problematic service provider on a “more secure alternative”. Then it was reported that the old PSP still holds a significant portion of the assets of Gatecoin. The alleged involvement of law enforcement officers are not helped to solve the problem that sounds rather suspicious.
After several months trying to recover these funds, we filed a lawsuit against this PSP. However, we were informed that the probability to return the money in full is very small.
These financial difficulties in addition to the prolonged bear market was forced to suspend Gatecoin. 13 March 2019 passed the next judicial session on the case of the exchange — she was appointed a temporary liquidator. Any activity should be terminated immediately. After that, the exchange has announced that will by all means facilitate the elimination procedure, in order to quickly reallocate assets and to rehabilitate the depositors. More data look at cryptodata.
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