Hong-Kong Based Bitspark Exchange Shutters Due to Restructuring Issues

• The Bitspark start-up based in Hong Kong has just this week announced that it is closing its doors. 
• This is due to internal restructuring issues.

The Bitspark start-up based in Hong Kong has just this week announced that it is closing its doors. This is due to internal restructuring issues.

The co-founder of the blockchain remittance start-up, George Harrap officially announced plans to shut down will occur on the 4th of March this year. According to the statement, users on the platform will be able to withdraw their cryptocurrency and digital assets from now up until that date. Following the 4th of March, logins will be disabled for a period of around 90 days with users being able to withdraw their funds through Bitspark and its customer support team.

It was highlighted by the co-founder of the firm, that the decision to close comes despite the brilliant performance that it has been experiencing over the past several months. According to him, the platform's seen 400% month on month gross, after the release of the product.

Founded in 2014 by Harrap and Maxine Ryan, the platform emerged as a major blockchain-powered financial service company for the region in the eight in the Asia-Pacific region. It’s worth noting that this platform says countries such as the Philippines, Indonesia and Vietnam.

The announcement to close came just one month after co-founder Ryan, revealed the intention of stepping down from my position as the COO (chief operating officer). 

Going off the official announcement, the decision caused many restructuring issues throughout the company - hence the platform now shuttering.

“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. While the HK protests and now virus epidemic haven't affected us much, it hasn't helped either.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!