Digital Asset Exchange Limited, which trades under the name ‘Dasset‘, a New Zealand-based digital assets trading platform, has entered liquidation. David Ruscoe and Russell Moore from Grant Thornton New Zealand have been officially appointed as the liquidators.
The decision for liquidation was influenced by a notable decrease in asset values and trading levels, which affected Dasset’s profitability. The management of Dasset believed that appointing liquidators was the most suitable course of action for the benefit of all involved parties.
Russell Moore commented on the situation, stating, “We understand users and creditors will be disappointed by the news that Dasset has gone into liquidation. The process of securing the assets is complex; there are third parties involved and nearly 100 different types of digital assets. We will work with management and third parties to resolve any issues as soon as possible, and we will update all stakeholders on progress as regularly as possible.”
Grant Thornton has made it a priority to contact all of Dasset’s customers and suppliers regarding this development in the coming days. Furthermore, an initial report detailing the situation will be made available on the New Zealand Companies Office website within the next week.
The discontinuation of Dasset is reflective of broader challenges faced by cryptocurrency exchanges, such as stringent regulations and dwindling trading volumes.
On September 14th, 2023, the cryptocurrency exchange Txbit will formally halt its operations, as announced on their Medium page. The main factors driving this decision are “unfavorable market dynamics, increasing regulatory constraints, and uncertainty regarding the legal standing of cryptocurrencies in different jurisdictions.”
Even industry titans are not immune to these challenges. As per the electronic disclosure system managed by the Financial Supervisory Service on August 16, Bithumb Korea, the premier crypto exchange in Korea and 13th globally in trading volume, reported an operational loss of KRW 3.442 billion for the second quarter. This contrasts sharply with the profit of KRW 38.42 billion observed during the same quarter in the preceding year.
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