Crypto exchange Dasset, based in Auckland, New Zealand, has left its customers unable to access their funds and has initiated the process of liquidation, as confirmed by a company representative.

Customers Denied Access

As reported by local media outlet The Herald on August 14, the exchange has encountered significant challenges. Several customers have been attempting to withdraw their funds for months, without success.

Liquidation

In a statement to the press, Dasset’s CEO, Stephen Macaskill, disclosed that the exchange had been unable to secure a new banking provider after its previous one ceased collaboration in January 2023. Macaskill further revealed that the company had opted for voluntary liquidation. Notably, despite these developments, individuals can still register new accounts on Dasset. Notably, no information regarding liquidation has appeared on the company’s official social media accounts.

Visiting Dasset’s official website now redirects to a page where law firm Grant Thornton announces the exchange’s liquidation. Grant Thornton has been appointed as the liquidator. The firm has stated, “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 has plans to reach out to all customers and suppliers within the next few days, with a focus on safeguarding and preserving Dasset’s assets.

Crypto Classified as Property in New Zealand

In June 2023, Ian Woolford, Director of Money and Cash at the Reserve Bank of New Zealand, publicly affirmed that the country does not currently require a regulatory framework for cryptocurrencies. Present regulations treat digital assets as a form of property and subject them to existing financial, anti-money laundering, and tax guidelines rather than specific crypto-focused legislation.