CoinLoan which has been operating under the Estonian Financial Authority’s license since 2017, stopped all of its operations.
CoinLoan, a European cryptocurrency lending company, was recently forbidden by Estonian officials from selling any assets without first receiving direct, provisional approval from its liquidator.
The regulator further mentioned that the order requires Mr. Martin Yen to be named as CoinLoan’s interim administrator. According to recent information, CoinLoan declared that it had complied with the most recent notice of restraint on disposition, which was published on April 24.
The court’s order further specifies that CoinLoan must refrain from seizing the debtor’s assets. In essence, the debtors are forbidden from selling a single item.
The order did specify that the party has 15 days to file an appeal with the Tallinn Court of Appeal in opposition to the ruling. CoinLoan stated that they would follow the directive and are already taking action to address the problem.
The network added that CoinLoan’s legal team has been working hard to demonstrate that it is able to meet its obligations. All operations, including withdrawals, must be put on hold, according to CoinLoan, who stress that this was a difficult decision to make.
According to the ruling, CoinLoan appears to have already filed for bankruptcy, however the platform has not yet confirmed this information.
CLT token of CoinLoan
The native token of this network, CLT, has been utilized to drive daily activity. According to reports, the network reportedly has 90% of the CLT tokens. Some people have connected the events involving CoinLoan to those involving Celsius and FTX. A tweet stated:
“Anyone noticing any similarities here between today’s price action of CoinLoan’s CLT token and the market price of FTT on Binance when CZ forgot to turn off the wash trading bots as FTX collapsed?”
One of the platform’s creators, Alex, is reported to have made significant profits in the past through selling CLT tokens.
The CLT token, however, has responded well to the most recent statement. According to data analysis from Coinmarketcap, CLT increased by over $1.37 over the last day and is now trading at roughly $8.54. Following the announcement, the CLT token’s increase from earlier in the day continued.
