Hong Kong Crypto Remittance Bitspark Shuts Down

Hong Kong’s Bitspark exchange is abruptly shutting down. The managers, however, are blaming the failure of the company on its internal restructuring.

February 4, 2020, | AtoZ Markets – Bitspark, a blockchain remittance start-up company has made known its intentions to exit from the crypto market. According to sources within the company, the abrupt decision to shut down was a result of internal restructuring matters.

Bitspark to shut down its services on March 4

George Harrap, the CEO and Co-Founder of Bitspark formally announced on February 3 that the company would formally cease its operations on 4 March 2020. According to the statement, Bitspark users will be able to withdraw their cryptocurrencies from Feb. 3 to March 4 as the platform’s functionality will stay intact over the period. After March 4, account logins will be disabled for a period of 90 days. However, users will be able to withdraw their funds via Bitspark customer support, the announcement reads.

Customers who haven’t withdrawn their cryptocurrencies by then will only be able to do so by contacting customer support. The CEO noted that the decision to shut down had come at a time when Bitspark was experiencing an excellent run.

Harrap pointed out that its recent performance has been among the best it has experienced in a while. He added that the platform had, since its launch noted a 400% month-over-month growth from the time after launching the remittance service.

Political turmoil complicates restructuring

Bitspark was co-founded by Maxine Ryan and Harrap in 2014. The firm grew to become an important blockchain-powered financial company operating in the Asia-Pacific region. It serviced countries such as Indonesia, the Philippines, and Vietnam.

Bitspark entered a restructuring phase recently, one that saw its COO and co-founder Maxine Ryan steps down.

The official announcement published on the exchange’s website read:

“Unfortunately due to internal restructuring that hasn’t worked out, and a decision taken by shareholders internally, we have made the decision to close our doors.”

The exchange added that while ongoing protests in the city and the sudden novel coronavirus epidemic did not impact the business much, they “haven’t helped either.”

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