Share this article
Bitcoin Loan Platform BitLendingClub to Shut Down
Peer-to-peer bitcoin lending platform BitLendingClub has announced that it is shutting down next year.
By Stan Higgins
Updated Sep 11, 2021, 12:43 p.m. Published Dec 2, 2016, 1:06 p.m.
Peer-to-peer bitcoin lending platform BitLendingClub has announced that it is shutting down next year.
First detailed in an email to users and later a blog post on its website, BitLendingClub said that "regulatory pressure" in Bulgaria, where the site is based, had driven the site to close.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
While the platform's operators weren't clear on exactly when the site would begin to shut down, the team behind the service said that it would disable registrations and loan requests "sometime next week". Full closure is expected sometime in August of next year, before which time the ability to repay loans and withdrawal funds will remain active.
In an email, CEO Kiril Gantchev said that the site had been contacted by regulators in Bulgaria, but declined to comment further on the exact nature of those discussions.
Gantchev told CoinDesk:
"We've been contacted by regulators in Bulgaria and the regulatory requirements posed to us make it unfeasible to operate the platform, we can't comment anything beyond that."
in May 2014, BitLendingClub would go on to raise a €200,000 seed investment from European VC fund LAUNCHub in October of that year. The service is one of several aiming to provide peer-to-peer loans denominated in the digital currency.
Image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
