Customers of Auckland, New Zealand-headquartered crypto exchange Dasset have been denied access to their funds, and the company’s representative has revealed the beginning of its liquidation. 

On Aug.14, local media outlet The Herald reported on the exchange’s troubles. According to the report, some customers have unsuccessfully tried to withdraw their funds for months.

Speaking to journalists, the company’s CEO, Stephen Macaskill, explained that Dasset didn’t find a banking provider after its previous provider stopped working with the exchange in January 2023. Macaskill also revealed that the company had launched voluntary liquidation. However, it is still possible to open a new account on Dasset, and no news about liquidation appeared on the company’s official X (formerly Twitter or Instagram accounts.

The link to Dasset’s official website now leads to the page of law firm Grant Thornton’s announcement about the liquidation of the exchange. The company was appointed as liquidator:

“Dasset’s management says a significant reduction in asset values and trading levels impacted its ability to trade profitably. It was determined the appointment of liquidators was in the best interests of all stakeholders.”

Grant Thornton intends to contact all customers and suppliers in the next few days and promises to keep the focus on “securing and protecting” Dasset’s assets.

In June 2023, Ian Woolford, the Reserve Bank of New Zealand’s director of money and cash, publicly stated that the country still doesn’t need a regulatory approach to crypto. Current legislations consider digital assets a form of property and regulate it through non-crypto-specific financial, money laundering and tax guidelines.