• Auckland-based crypto exchange Dasset has denied customers access to their funds as it faces liquidation.
• Some customers have tens of thousands of dollars worth of crypto trapped on the platform.
• The company has gone into voluntary liquidation and appointed a liquidator, however, customers are still unable to access their funds.
New Zealand Crypto Exchange Dasset Faces Liquidation
Dasset, an Auckland-based cryptocurrency exchange, has denied customer access to their funds as it faces liquidation. The company’s CEO Stephen Macaskill stated that they were unable to find a replacement banking provider after losing their previous provider earlier this year. As a result, the company had gone into voluntary liquidation and appointed a liquidator; however, customers are still unable to access their funds.
Customer Funds Trapped
Some customers have tens of thousands of dollars worth of crypto trapped on the platform due to the lack of access to their accounts. A customer reported trying for over three months to withdraw $40,000 from their account without success. Another customer revealed that they had been direct-credited by Macaskill but were still unable to access the funds in their account.
New Users Still Accepted
Despite the halt in withdrawals, Dasset is still accepting new users into its platform by providing them with request forms instead of emails or phone numbers. In addition, the company removed these contact details from its website altogether.
History Of Financial Challenges For Crypto Exchanges
Dasset is not alone when it comes to facing financial difficulties as other cryptocurrency exchanges have faced similar predicaments before them: FTX filed for bankruptcy last year due to mismanagement by executives including its CEO while Binance was launched at around the same time as Dasset in 2017 but remains a relatively small exchange compared to Binance which grew exponentially over time.
In conclusion, many New Zealand-based crypto investors have been left stranded with no way out as they are unable to access their own funds from Dasset while new users are still being accepted despite withdrawals being halted indefinitely until further notice from the business itself or its appointed liquidator if any is approved soon enough.