New Zealand-based Crypto exchange Dasset, is facing a serious issue where its customers are unable to access their funds. The situation has become so dire that the company is now in the process of liquidation.
On August 14, 2023, the issues began to surface, as reported by the local media outlet The Herald. According to the report, several customers have been attempting to withdraw their funds for several months, yet their efforts have been in vain. Shedding light on the situation, Dasset’s CEO, Stephen Macaskill, explained that the exchange encountered difficulties in securing a new banking provider after parting ways with its previous partner in January 2023.
In a significant revelation, Macaskill disclosed that the company is undergoing voluntary liquidation, a significant step. However, it’s puzzling that people can still create new accounts on the Dasset platform, and the company’s official social media accounts haven’t mentioned anything about liquidation.
Currently, attempting to access Dasset’s official website leads to an announcement from Grant Thornton, a law firm responsible for managing the liquidation process. Dasset’s management explained that their assets have lost value and trading has slowed down, making it hard for them to remain profitable. To safeguard everyone involved, they chose to appoint liquidators, who will handle matters meticulously.
Grant Thornton has committed to reaching out to both customers and suppliers within the next few days. Their primary focus is centered on securing and preserving Dasset’s remaining assets throughout the liquidation process.
Earlier, in June 2023, Ian Woolford, the Director of Money and Cash at the Reserve Bank of New Zealand, publicly announced that the country does not presently require a specialized regulatory framework for cryptocurrencies. Existing legislative measures categorize digital assets as forms of property, subjecting them to existing non-crypto-specific financial, anti-money laundering, and tax guidelines.
Recently, a report by Todayq News has focused on the reasons behind the shutdown of several crypto exchanges. On August 14, 2023, Dutch crypto exchange Txbit ceased its operations, this decision was primarily attributed to uncertain regulations and unfavorable market conditions. Similarly, Dasset has also initiated the process of liquidation. This move comes in response to lower trading volumes and the decreased value of its assets, as stated by Dasset’s authorities.