No fines for Quickbit Limited following investigation in Gibraltar
Quickbit announces today that the Gibraltar Financial Services Commission (GFSC) has now completed its investigation into Quickbit Limited. The investigation has resulted in the revocation of Quickbit Limited's local registration. However, GFSC has found no reason to impose fines on Quickbit Limited.
Quickbit previously reported that its subsidiary in Gibraltar had been under investigation by GFSC for deficiencies in customer knowledge processes. These deficiencies were present in the local part of the operation conducted as part of the transaction structure before the start of 2023. Quickbit had also informed that the investigation could result in fines or the like for the subsidiary, which, following today's decision from GFSC, will not be the case.
Quickbit has not conducted operations in Gibraltar since the beginning of 2023, and during spring 2023, the board of the parent company decided to close down the business and the subsidiary in Gibraltar, as there is no operational or strategic advantage in operating in that jurisdiction. For these reasons, GFSC's decision to revoke the local registration in Gibraltar does not affect Quickbit's operations.
"The investigation in Gibraltar has consumed a significant amount of resources throughout much of the year and delayed our process of shutting down the subsidiary. I am pleased and relieved with today's decision, which allows us to move forward with full focus. I am also proud of the team that handled the matter with expertise, securing the best possible outcome for the group," says Daniel Sonesson, CEO Quickbit.
For further information, please contact:
Daniel Sonesson, CEO
+ 46 73 530 30 25
ir@quickbit.com
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Quickbit is a Swedish fintech company founded in 2016 with the goal of making the integration of cryptocurrencies into the everyday lives of people and companies smoother. Today, Quickbit offers safe and easy-to-use products for e-merchants as well as customers. With a transaction volume to date in excess of €1 billion, Quickbit has already enabled and empowered individuals around the world, through the use of cryptocurrencies. Quickbit has been listed on NGM Nordic SME since July 2019. For more information, please visit www.quickbit.com