New Zealand’s Dasset Crypto Exchange Initiates Liquidation

New Zealand-based Dasset crypto exchange has started a voluntary liquidation process following banking operational challenges.

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  • Dasset is the latest crypto exchange to sink.
  • Customers are frustrated amid liquidation reports.
  • The New Zealand-based firm hasn’t issued an official statement.

New Zealand-based crypto exchange Dasset has reportedly initiated voluntary liquidation proceedings following what the company’s CEO, Stephen Macaskill, called “operational challenges.

While speaking to local journalists, the CEO revealed that Dasset had failed to secure a new banking partner after the previous provider terminated the business relationship with the exchange in January 2023.

Customers Unable to Withdraw Funds

Local newspaper The Herald was among the first media outlets to cover the exchange’s operational woes, reporting that customers have been unable to withdraw their funds from Dasset for months.

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One customer claimed that they have been able to withdraw as little as $5,000 from the exchange since April. While official email addresses and telephone numbers have been removed from the website and the withdrawal function disabled, new users can still set up an account on the exchange.

Grant Thornton Law Firm Appointed as Liquidator

Dasset’s liquidation process seems fluid, with the liquidator already appointed. The exchange has named David Ruscoe and Russell Moore, both Grant Thornton Law Firm associates, to oversee the process.

At press time, customers could still not access the crypto exchange via its official website as the link redirects to a Grant Thornton web page, which features the liquidation announcement.

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“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,” reads the statement on the website.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.