Cryptocurrency News

New Zealand crypto exchange Dasset enters liquidation

31f67f0b c4d0 48bf 80a0 339c5373a48b

Customers of Auckland-headquartered crypto exchange, Dasset, are denied access to their funds, the company’s representative revealed the beginning of liquidation. 

On August 14, the New Zealand newspaper The Herald reported the Dasset troubles. According to the report, some customers have been unsuccessfully trying to withdraw their funds for months.

Speaking to journalists, the company’s CEO, Stephen Macaskill, explained that Dasset didn’t manage to find a banking provider after its previous provider stopped working with the exchange in January 2023. Macaskill also revealed that the company had launched voluntary liquidation. However, it is still possible to open a new account on Dasset and no news about liquidation appeared on the company’s official X or Instagram accounts.

Related: Binance launches New Zealand-based offices following regulatory approval

The link to Dasset’s official website now leads to the page of a law firm Grant Thornton’s announcement about the liquidation of the exchange. The company was appointed a liquidator:

“Dasset’s management says a significant reduction in asset values and trading levels impacted its ability to trade profitably. It was determined the appointment of liquidators was in the best interests of all stakeholders.”

Grant Thornton intends to contact all customers and suppliers in the next few days and promises to keep the focus on “securing and protecting” Dasset’s assets.

In June 2023, Ian Woolford, the Reserve Bank of New Zealand’s director of money and cash, publicly stated that the country still doesn’t need a regulatory approach to crypto. Current legislations consider digital assets a form of property and regulate it through non-crypto-specific financial, money laundering and tax guidelines.

Magazine: Deposit risk. What do crypto exchanges really do with your money?