Belgian crypto platform Bit4You suspends operations after CoinLoan halts activity

1. Bit4You suspends operations: Belgian crypto platform Bit4You has suspended its operations due to the halt in activity of the CoinLoan platform. Bit4You facilitated over-the-counter (OTC) trades for a variety of cryptocurrencies and had notified its customers through an email that said it will pause all of its activities until further notice. The exchange has advised its users to move all their cryptocurrencies to an external wallet. 2. CoinLoan's stoppage of activity: CoinLoan,a P2P crypto lending platform,suspended its activity in October 2021 following an order from the National Bank of Belgium. The regulator asked the business to cease its lending activities due to not having a license that permits it to operate on the Belgian market. CoinLoan notified its users that it will pause its activity for the time being while it deals with the regulatory issues. 3. Regulatory pressure in Belgium: The shutdown of Bit4You and CoinLoan highlights the regulatory pressure on cryptocurrency platforms in Belgium. The National Bank of Belgium has taken a strict stance on the industry and has been actively working to enforce the rules and prevent unlicensed companies from providing cryptocurrency services. The regulator has warned residents of the risks associated with investing in cryptocurrencies and advised them to exercise caution.

source https://titdoi.com/news/Belgian-crypto-platform-Bit4You-suspends-operations-after-CoinLoan-halts-activity