LiteBit, the Dutch cryptocurrency exchange, has announced that it will be closing down its operations and transferring customer funds and accounts to the fellow cryptocurrency exchange Bitvavo. Important to note is that not all cryptocurrencies will be transferred and not all can be withdrawn. Read further to learn more.
What happens to my crypto on Litebit?
Your crypto remains safe in your LiteBit wallet. In the coming weeks LiteBit will introduce a feature to conveniently transfer your account and funds to Bitvavo. You will have two months to initiate the transfer. If you take no action within this period, LiteBit will automatically transfer your funds for you to Bitvavo. You can also choose to withdraw your crypto to an external wallet or sell it on LiteBit before the transfer.
Make sure to take action for any cryptocurrencies that LiteBit will delist before the transfer, as they will not be transferred to Bitvavo.
Unable to withdraw cryptocurrencies
If a cryptocurrency is marked as “trade-only”, withdrawals are not possible. The trade-only status is permanent and LiteBit will transfer those during the account transfer. You can withdraw any cryptocurrencies that you were previously able to withdraw to an external wallet, except for “trade-only” cryptocurrencies that are available only for buying and selling. LiteBit will transfer trade-only cryptocurrencies during the account transfer.
What happens to my Euro balance?
Any remaining euros will be transferred to Bitvavo once you initiate the transfer. You can then use that euro balance on Bitvavo. Or you can withdraw your euro balance to your verified bank account.
Am I obligated to switch to Bitvavo?
You are not obligated to switch. LiteBit will provide a transfer option to make it easy, but you can choose to withdraw or sell your funds instead. LiteBit will communicate the final deadline once the transfer feature is available. You can always withdraw your cryptocurrency or Euro balance to your bank account or to external wallets.
Litebit announced that they will send an update via email once more information is available. But make sure to take action for any cryptocurrencies that LiteBit will delist before the transfer.
The post LiteBit to Close Operations and Transfer Accounts to Bitvavo: What You Need to Know appeared first on YourCryptoLibrary.
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