fbpx
Skip to content Skip to sidebar Skip to footer

FCoin Resumes Operations To Recover Lost User Funds

On February 18, infamous Chinese crypto exchange FCoin abruptly and officially announced its closure, vaguely attributing the decision to unspecified technical issues and bad decisions which culminated in shutting the exchange down. At that point, users could not withdraw the funds they had in their wallets on the exchange. While there seemed to be no solution to the loss of funds, FCoin made an announcement on February 27 to resume operations in a bid to return user funds.

It is FCoin’s goal to eventually turn over the exchange and its operations to the community after they have successfully solved this crisis. FCoin’s current team will do their best to relaunch FCoin and Mex platforms, then hand over the sites to a temporary committee. This committee will lead efforts to compensate users accordingly. However, details of the plan have not yet been disclosed.

When FCoin first announced its closure, experts suggested that it would be difficult to pursue legal action against FCoin for the loss of user funds as the company is registered overseas, with Zhang Jian, FCoin’s CEO, living outside of China as well. 

The news to relaunch the exchange platform gives affected users hope of recovering their funds. However, it remains to be seen which parties will be involved in the committee and how efficiently their proposed compensation plan can be shared and put into effect.

You may also want to read: Binance Suspends Trading For Unscheduled Maintenance; Platform Experiences Performance Issues

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

111 North Bridge Road, 21-01, Peninsula Plaza, Singapore 179098.

Phone: +65-80282938

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us