The Block: Gatecoin shuts down, goes into liquidation on court's orders

After having failed to recover funds from its former payment service provider, crypto exchange Gatecoin is shutting down, the Gatecoin team wrote on the exchange’s website . Due to a court order, the exchange has stopped operations and has entered liquidation. It will redistribute its remaining assets to the creditors.

The exchange has faced its share of difficulties—last year, it started working with a French payment service provider PSP. The choice cost the company substantial losses, nearly paralysed the operations as PSP “failed to process most of the transfers in a timely manner.” After ceasing the partnership, PSP retained a bulk of Gatecoin’s funds, which the exchange still hasn’t recovered. Although Gatecoin changed its payment service provider, it failed to stay afloat.