Denmark’s Wemovecoins Crypto Exchange Sees Bankruptcy Following A Credit Card Vendor Dispute
Wemovecoins, a digital asset exchange based in Denmark, has been forced to shut down because of bankruptcy. The company is said to have had a dispute with a credit card supplier, whereby the vendor declined to pay them its share of the money generated.
Speaking about the matter, the platform’s lawyer, Niels Juul Mathiasen, said that:
“This credit card vendor has withheld the company’s liquidity, [which is] why the company ran out of money and could not continue its operations.”
Wemovecoins exchange further added that:
“[T]here has been uncertainty about the company’s ability to continue operations, as the company’s liquidity is detained by the credit card issuer concerned. If the funds are not released, the company will not be able to continue its operations.”
Wemovecoins Hopes To Resume Operations
Wemovecoins filed for bankruptcy earlier in the month of October, claiming that a credit card supplier was behind its woes. However, the platform’s expects to resume operations if the matter is discussed and resolved.
Speaking to a Danish news outlet known as Finans, Fredrik Grother-Eberhardt, the platform’s CEO and one of the owners, said that the exchange could be alive and kicking again in the next three to four months.
He stated that:
“We hope to buy back the website and reopen the business within three or four months.”
Even with the current challenges, Wemovecoins made impressive profits last year, considering that Denmark isn’t the largest market for cryptocurrency trading. The company recorded a gross profit of around 1.7 million kroner ($259,815) last year, and a profit of more than 600,000 kroner ($91,699).