Fun

London-Based Cryptocurrency Exchange LBX Faces Compulsory Liquidation

News Feed - 2020-02-09 11:02:18

London-Based Cryptocurrency Exchange LBX Faces Compulsory Liquidation


London-based cryptocurrency exchange LBX is the latest digital asset trading venue to face critical difficulties and is now being liquidated. Despite rising crypto prices, which typically lead to an influx of new traders, some regulated exchanges have struggled to survive amidst rising legal fees, compliance costs, and other overheads.


Also Read:Crypto Winter Claims Another Victim as DX Exchange Closes LBX Placed Into Compulsory Liquidation


Dragon Payments Limited, formerly known as London Block Exchange Limited and trading as LBX, has been placed into compulsory liquidation following a winding up order that was made against the company on January 31, 2020. This is a legal term for when someone applies to the court in the U.K. asking to close down a company if it cannot pay its debts.


According to a notice that replaced the platform’s front page, Paul Cooper and Paul Appleton, both of David Rubin & Partners, were appointed joint liquidators of LBX on February 4, 2020 by order of the U.K.’s Secretary of State. The joint liquidators and their team are said to be working toward resolving client concerns as a matter of priority, including the recovery of any sums of money owed to them, and ask that all claims for repayments should be addressed to them directly.



LBX had opened in November 2017 for OTC trades and was based in London’s Canary Wharf commercial district. The multi-cryptocurrency platform provided crypto exchange services to retail consumers and institutional investors via an online platform and through a mobile app. It followed very strict know-your-customer and anti-money-laundering procedures as it was also an e-wallet services provider registered with the U.K.’s Financial Conduct Authority (FCA).


In October 2018 we reported that LBX launched a service offering access to an account where clients can store, manage and transfer their fiat currency and cryptocurrency holdings. Aimed at the business sector, LBX Pay offered a banking-like solution to those involved in the cryptocurrency industry such as ICOs, traders and funds. The service enabled clients to convert holdings from fiat and cryptocurrency without having to move funds between accounts or service providers.


What do you think about LBX facing compulsory liquidation? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com. Share this story: Tags in this story Bankruptcy, LBX, Liquidation, London Block Exchange Related SLP Token Trading Platform Cryptophyl Adds BTC Pair With Bitcoin Cash at Flat 0.15% Fee EXCHANGES | Lubomir Tassev


Digital asset exchange Cryptophyl has announced it’s launching bitcoin core (BTC) trading. The first available pair is with bitcoin cash… read more. Hong Kong Crypto Exchange Bitspark Shuts Down Amid Coronavirus Outbreak and Protests EXCHANGES | Kevin Helms


Crypto exchange service provider Bitspark is shutting down next month despite reporting exponential growth following the launch of its cash… read more. Avi Mizrahi


Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong. Please enable JavaScript to view the comments powered by Disqus.

News Feed

Tom Mitchelhill3 hours agoRobert F. Kennedy Jr. vows to back US dollar with Bitcoin if elected presidentRFK Jr. says he would use Bitcoin to stabilize the U.S. dollar, as well as make Bitcoin profits exempt from capital
Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors
Axie Infinity Down 40% Since Last Week"s Price High, Protocol Revenue Outshines Competitors Last week, the game token leveraged within the Axie Infinity gaming u
Trump election bets boost Polymarket volumes to record $116M in July
Tom Mitchelhill5 hours agoTrump election bets boost Polymarket volumes to record $116M in JulyA massive surge in US presidential election bettors has already brought Polymarket record-breaking volumes just two weeks into
Bitcoin Coinbase Premium Giving Potential Buy Signal, Quant Says
Este artículo también está disponible en español. A quant has explained how the latest trend in the Bitcoin Coinbase Premium Index could imply a buying opportunity for th
China Frozen Bank Account Controversy: Affected Clients Injured During Protests, Nearly $6 Billion Missing
China Frozen Bank Account Controversy: Affected Clients Injured During Protests, Nearly $6 Billion Missing Some Chinese bank clients, whose accounts were frozen in April, were inju
Nivesh Rustgi4 hours agoBitcoin forks BCH, BSV and XEC soared last month, but are the gains organic and sustainable?Bitcoin forks, BCH, BSV and XEC rallied over the last 30 days while KAS and FLEX led among altcoin gaine
Amaka Nwaokocha10 hours agoJapan to allow startups to raise funds by issuing crypto instead of stocks: ReportAccording to local media, this updated system is specifically applicable to a category of funds known as Invest
Africa Focused Crypto Exchange Yellow Card Granted VASPs License in Botswana
Africa Focused Crypto Exchange Yellow Card Granted VASPs License in Botswana Yellow Card, an Africa-focused cryptocurrency exchange platform, recently said it has received a virtua
Kenya drops Worldcoin probe — ‘No further police action’
Helen Partz23 minutes agoKenya drops Worldcoin probe — ‘No further police action’After suspending Worldcoin operations in August 2023, Kenyan authorities have finally dropped a probe against the firm, potentially p
European Lawmakers Urge for Crypto Taxation, Use of Blockchain to Fight Evasion
European Lawmakers Urge for Crypto Taxation, Use of Blockchain to Fight Evasion Members of the European Parliament have called for “effective taxation” of crypto asse
Microsoft, Google, Nvidia and more filed SEC warnings that AI could ruin business
Tristan Greene5 hours agoMicrosoft, Google, Nvidia and more filed SEC warnings that AI could ruin businessThe reasons ranged from cannibalizing their own businesses to releasing potentially inferior products.1763 Total v
Solana Price Prediction: Analyst Projects Colossal 400% Uptrend This Cycle, Reveals Ultimate Target
Este artículo también está disponible en español. After a brief retracement, the Solana price has found support at the $163 mark and is currently trading at approximately