Close Menu
  • Homepage
  • Local News
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
  • Business
  • Technology
  • Health
  • Lifestyle
Facebook X (Twitter) Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
Facebook X (Twitter) Instagram Pinterest
JHB NewsJHB News
  • Local
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
Let’s Fight Corruption
JHB NewsJHB News
Home»Finance»Crypto exchange Bitvavo says it aims to recoup 280 million euros from DCG
Finance

Crypto exchange Bitvavo says it aims to recoup 280 million euros from DCG

December 18, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

AMSTERDAM, Dec 16 (Reuters) – Dutch cryptocurrency change Bitvavo mentioned on Saturday it’s making an attempt to get well 280 million euros ($296.30 million) from U.S.-based Digital Forex Group (DCG) and its subsidiaries.

Bitvavo mentioned it had lent the cash to DCG subsidiary Genesis International Capital in an effort to supply Bitvavo’s personal clients a product the place they obtained curiosity on their cryptocurrency tokens.

Genesis froze withdrawals in November following the collapse of FTX. It mentioned in a letter to purchasers in early December it was crafting a plan to protect property.

FTX filed for chapter on Nov. 11, leaving an estimated 1 million clients and different traders dealing with whole losses within the billions of {dollars}. The collapse reverberated throughout the crypto world and despatched bitcoin and different digital property plummeting.

Bitvavo mentioned it anticipated to be reimbursed over time but it surely had sufficient funds to cowl the property for its personal clients. It mentioned its clients weren’t uncovered and will withdraw all their funds at any time.

A public relations agent for DCG on Saturday mentioned the accounts in query had been held at Genesis, not DCG itself.

“Genesis holds the (U.S.) regulatory licences mandatory,” it mentioned, including that Genesis was an “unbiased subsidiary”.

A spokesperson for Bitvavo mentioned it held DCG answerable for the inaccessible funds.

“We’re in discussions with a number of entities of the group and given the mingling inside the group we maintain DCG answerable for the excellent quantity,” a Bitvavo spokesperson mentioned.

“For completeness’ sake, we confer with the Digital Forex Group and its subsidiaries.”

Bitvavo is registered with the Dutch central financial institution (DNB)as a digital property companies supplier to forestall cash laundering on its platform, however will not be topic to prudential supervision by both the DNB or the Netherlands’ Monetary Markets Authority.

($1 = 0.9450 euros)

Reporting by Toby Sterling; Enhancing by Josie Kao and Nick Macfie

: .

Source link

aims Bitvavo crypto DCG euros Exchange million recoup
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Here’s Why Baron Small Cap Fund Exited Its Position in Ibotta (IBTA)

May 29, 2025

Apple rejected over 1.9 million apps submitted to App Store in 2024 | Technology News

May 29, 2025

Travel spending from overseas tourists may fall $8.5 billion in 2025

May 28, 2025

If You Invested $1,000 in Gold 1 Year Ago, Here’s How Much You’d Have Today

May 28, 2025
Add A Comment
Leave A Reply Cancel Reply

Editors Picks

Here’s Why Baron Small Cap Fund Exited Its Position in Ibotta (IBTA)

May 29, 2025

Karnataka clears Rs 15,441-crore investment proposals expected to create over 5,000 jobs | Bangalore News

May 29, 2025

Congress vs Shashi Tharoor again: ‘Will prevail upon PM to name you spokesperson’ | India News

May 29, 2025

Menopause and libido: Can these three supplements help make your sex life spicy again? | Health News

May 29, 2025
Popular Post

Apple iPad Mini (8th Gen): Release Date, Price & Specs Rumours

Woes surround Cognac and its ongoing slump requires urgent attention

Man City’s Premier League charges – exploring what their past cases and evidence reveals

Subscribe to Updates

Get the latest news from JHB News about Bangalore, Worlds, Entertainment and more.

JHB News
Facebook X (Twitter) Instagram Pinterest
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
© 2025 Jhb.news - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.