Estonian cryptocurrency exchange Coinmetro has filed for bankruptcy restructuring and has suspended deposit and withdrawal services

According to Protos, the Estonia-based cryptocurrency exchange Coinmetro has announced that it has submitted a restructuring application to the local court. The platform stated that this move is due to "a special situation caused by the bankruptcy of a financial service provider," and has fully suspended user registration, deposits, and withdrawals since June 22.

Coinmetro CEO Kevin Murcko revealed that the failure of the related provider actually occurred years ago, but as the July 1 deadline for compliance with the EU's Markets in Crypto-Assets Regulation (MiCA) approaches, this legacy funding gap has had a substantial and fatal impact on the company's balance sheet. Additionally, reports indicate that Coinmetro is currently facing issues in Estonia, including overdue annual reports and unpaid taxes, and was sued last August by the bankruptcy trustee Prime Trust, seeking to recover approximately $1.2 million that was withdrawn before its collapse.