New Zealand’s Dasset Exchange Enters Bankruptcy, Leaving Customers Stranded Without Funds

Key Points:

• New Zealand’s Dasset crypto exchange goes bankrupt, locking out users of their funds.
• The CEO struggles to find new banking providers, leading to fund access issues for customers.
• Despite liquidation, users still can’t withdraw, while new sign-ups are allowed.

Dasset, a crypto exchange based in New Zealand, has initiated bankruptcy liquidation procedures, leaving numerous customers unable to retrieve their funds, The Herald reported.

CEO Stephen Macaskill disclosed that the platform’s search for alternative banking service providers has been futile. Despite undergoing voluntary liquidation, the exchange has yet to appoint a clearing institution, leading to continued customer fund inaccessibility. This development has sparked frustration among users.

The Auckland-based cryptocurrency exchange has drawn ire from its customers, who find themselves locked out of their accounts.

Reports indicate that several customers have substantial amounts of crypto assets trapped within their accounts, ranging into the tens of thousands of dollars. A prevailing sentiment among these customers is that Dasset has been struggling for several months.

Dasset, established in 2017, remains smaller compared to its major competitors in the industry.

Struggling customers have revealed their grievances, with one individual citing an unsuccessful three-month endeavor to withdraw $40,000, their life savings. Another recounted being directly credited by Macaskill yet still encountering access issues.

The Dasset website has removed contact details, but a request form remains accessible. While a FAQ page explains fund withdrawal processes, users have struggled to access their funds since April, even for modest sums such as $5,000.

The platform has yet to provide clear guidance for both existing and new customers regarding withdrawals.

The situation highlights the challenges that smaller exchanges like Dasset face in a competitive crypto landscape. As customers wait for a resolution, concerns about fund security and platform reliability continue to mount.

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