Important information for customers residing in Germany

As of July 1st, 2021, LiteBit is no longer allowed to provide certain services to German residents. The German financial authority BaFin has required LiteBit to stop allowing the use of LiteBit Credits for German customers until further notice. This means you will no longer be able to use our services. We understand you may have more than a few questions and we'll do our best to answer them below.  

Why is this happening? 

LiteBit has entered the registration process with BaFin to obtain a license to operate as a cryptocurrency broker in Germany. We started this process last year and were required to stop all new account registrations for German residents. We have now entered a new phase and received additional requirements. Until the license is obtained, German residents are not able to use our services

How do I know if this applies to my account? 

If you are currently residing in Germany, then this change applies to you. We sent out an e-mail to everyone who is affected as an extra measure.  

Do I have to do anything? 

If you have any LiteBit credits or cryptocurrencies in your account, we kindly ask you to either withdraw or sell any remaining funds before July 1st 2021. LiteBit credits can be withdrawn to your bankaccount (IBAN). Any crypto in your LiteBit wallets can be sold for LiteBit credits or withdrawn to an external wallet. Please find additional information on withdrawals of crypto/credits and selling of crypto here: 

How to withdraw LiteBit credits to my bank account?

How do I send cryptocurrency from my LiteBit wallet to an external wallet?

How do I sell my cryptocurrency from my LiteBit wallet?

What happens to my account on and after July 1st 2021 ?

At this point in time, we are working on the final details with BaFin. We would like to let our German customers maintain access to their accounts. However, we might be required to fully block any access until the license is obtained. It is important to note that regardless of access to your account, you will not be able to use any of our services as of July 1st, 2021. Our services inlcude trading, deposits and withdrawals of crypto/LiteBit credits. Therefor we explicitly ask you to withdraw your credits and/or crypto before this date.  

When will I have full access to my account again? 

As soon as we complete the licensing proccess to operate as a cryptocurrency broker in Germany, we will restore access to accounts. We will do our best to make this process as smooth as possible. When more information is available, we will communicate this with you. 

What should I do if I have additional questions? 

On June 17th 2021 you have received an e-mail from us informing you about this change. Please respond to that e-mail with any questions you have or contact our Customer Support through our contact page:

https://support.litebit.eu/hc/en-us