LiteBit, the renowned cryptocurrency broker, has officially announced that it is ceasing operations due to the increasing complexity in today’s crypto market. Alternatively, customers are offered a smooth transition to Bitvavo, which is known as the leading and highest-rated crypto exchange in the Netherlands.
LiteBit succumbs to market pressure
Rising operational costs, declining commissions and an unfair competitive environment in the global crypto sector have led LiteBit to cease operations. “The volatile nature of the market, rapid technological innovations, intense global competition and complex regulatory environment are hurdles that have become too great for LiteBit to overcome,” the company explained in an official statement.
Directed customers in the direction of Bitvavo
After extensive consideration and evaluation of various options, LiteBit has decided to encourage its customers to switch to Bitvavo. LiteBit has submitted its plans to the relevant regulatory authorities, whose approval has yet to be obtained. Customers will be informed in detail about the partnership as soon as it is formalized, expected in the coming weeks.
Arthur van Lier, COO of LiteBit, assures customers that “all balances are available and safe. Ensuring the safety of customer assets has always been our number one priority. We strive to ensure a seamless and fast transfer of all credits for our customers.”
Secure and available customer funds
LiteBit will proactively reach out to its customers to offer them the opportunity to create a Bitvavo account so that their cryptocurrency can be transferred to Bitvavo. Alternatively, customers can choose to sell or withdraw their crypto through the LiteBit platform.
For customers in Austria and France, there are also options to sell or withdraw their funds, or transfer them to Bitpanda, a leading European cryptocurrency platform based in Austria.
Farewell in accordance with regulations
LiteBit regrets the lack of a fair and global playing field in the crypto market, despite its continuous efforts to comply with national and international regulations. The company ensures that the dismantling of the organization will be carried out carefully, transparently and in line with all relevant rules.