{"id":248743,"date":"2020-02-04T13:43:18","date_gmt":"2020-02-04T18:43:18","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=248743"},"modified":"2020-07-31T18:46:52","modified_gmt":"2020-07-31T22:46:52","slug":"bitspark-shutters-operations-amid-internal-conflicts-and-virus-outbreak","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitspark-shutters-operations-amid-internal-conflicts-and-virus-outbreak","title":{"rendered":"Bitspark Shutters Operations Amid Internal Conflicts and Virus Outbreak\u00a0"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Bitspark, a cryptocurrency exchange based out of Hong Kong, would cease operations in the coming weeks.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to an official\u00a0<\/span>press release<\/span><span data-preserver-spaces=\"true\">, the company chief executive and co-founder George Harrap announced that the firm would be shutting down, advising users to move their funds to other exchange platforms on or before March 4, 2020. After the deadline, the company would restrict login access for a period of 90 days, although users will still be able to request their funds from the company\u2019s support page.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Company Turmoil and the Coronavirus\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In the release, Harrap explained that the abrupt closure was an unfortunate turn of events for the exchange, especially as it had started to report impressive financial figures for the past few months. As he pointed out, the exchange introduced Cash Point- a remittance service- back in 2019, and between that period, they had recorded a 400 percent growth in volumes month-over-month.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The document also highlighted the exit of Maxine Ryan, its co-founder and erstwhile Chief Operations Officer (COO). Ryan stepped down from her role as COO back in December 2019, and according to a Twitter thread she made in response to the exchange\u2019s closure announcement yesterday, her exit caused a need for the firm to restructure its operations. Sadly, this move wasn\u2019t conducted effectively, and that led to the eventual closure.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Ryan also pointed out that the closure was due in part to the outbreak of the coronavirus- an epidemic that started in the Wuhan region and which is ravaging China and the world. In China, the virus has claimed the lives of over 420 people, with another estimated 12,000 affected (all figures accurate at press time).\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis paired with the landscape of Hong Kong with protests and the coronavirus where Bitspark HQ is located. The team and shareholders decided this was the best way forward to prevent the integrity decay of the company,\u201d Ryan clarified.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">AML Change Causes More Exchange Shutdowns\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Bitspark is undoubtedly not the only exchange to be shutting down in the past few months. However, while its demise as a result of both human and natural causes, most others have had to close their doors due to an imminent change coming to the global crypto landscape.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Over the past two months, numerous exchanges have had to close shop due to the imminent implementation of the Fifth Anti-Money Laundering Directive (<a href=\"https:\/\/insidebitcoins.com\/news\/european-cryptocurrency-exchanges-get-ready-for-heightened-scrutiny-with-amld5\/246977\">AMLD5<\/a>), an AML regulation that is set to affect all cryptocurrency asset custodians- especially exchanges- across the European Union.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The upcoming policy will force asset custodians and crypto firms to adopt Know Your Customer (KYC) measures, collecting information on their users and the source of funds used in transactions. While several countries have fought the implementation of these laws, others have been welcoming, leading to crypto firms to shut down.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Bitspark, a cryptocurrency exchange based out of Hong Kong, would cease operations in the coming weeks.\u00a0 According to an official\u00a0press release, the company chief executive <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/bitspark-shutters-operations-amid-internal-conflicts-and-virus-outbreak\" title=\"Bitspark Shutters Operations Amid Internal Conflicts and Virus Outbreak\u00a0\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":248744,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[10282,5349,10239,7841],"class_list":["post-248743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news","tag-amdld5","tag-bitspark","tag-coronavirus","tag-hong-kong"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - 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