• Dasset has been unable to secure a new financial supplier since January.
• The CEO announced voluntary liquidation and the appointment of a liquidator.

Customers of the cryptocurrency exchange Dasset in Auckland are locked out of their funds since the company has apparently disclosed liquidation plans. The Dasset exchange, headquartered in Auckland, was founded in the midst of 2017’s ICO frenzy.

Local media The Herald reported on Monday that hundreds of consumers had been deprived access to their accounts, with a few having huge amounts of crypto stuck. According to CEO Stephen Macaskill, Dasset has been unable to secure a new financial supplier since the previous one abruptly ended operations in January.

Investigation Underway

He announced the company’s voluntary liquidation and the appointment of a liquidator. According to The Herald, clients still can’t get their money since a liquidator hasn’t been chosen. Despite the suspension of withdrawals, the platform is still accepting new users.

Dasset’s website no longer features contact information like email addresses or phone numbers but does provide a contact form. Withdrawal instructions are available in the frequently asked questions section. Since April, consumers have complained that they can’t withdraw any of their money (even if it’s less than $5,000). The platform is silent on the topic of withdrawals, either for current or potential clients.

The Financial Markets Authority of New Zealand has acknowledged the issue and says it is looking into it. Prior to this, the regulator issued a warning that crypto is a “high-risk, speculative product.” So investors should be aware of the potential downsides. Investors losing access to funds have often been seen when a crypto firm or exchange goes insolvent, despite several regulatory attempts to fix it.

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