What will be the final outcome of the listed company Goobit and the crypto exchange BTCX receiving a rejection on their MiCA application? According to Kaupr's sources, the company has seen minimal operations for some time prior to the rejection on Thursday afternoon.
In the statement from Goobit on Thursday afternoon, it notes, among other things: "We note the Swedish Financial Supervisory Authority's (FI) decision and will now analyze it carefully" and "Regardless of the outcome of the decision, our work to develop BTCX as a reputable Nordic player within Bitcoin and financial services continues."
One possibility could be that the company will appeal the rejection, mirroring two other companies. According to a statement from the Swedish Financial Supervisory Authority on Wednesday morning, those companies may "be allowed to continue to conduct certain operations pending a court decision."
What is meant by the term "certain operations" remains unknown. However, it is clear that the crypto exchange BTCX cannot continue its operations.
The statement from FI reads, among other things: "Companies that now lack a license, or are no longer covered by transitional rules, shall not continue to offer crypto services to consumers in the EU. Instead, they must wind down their operations in an orderly manner."
It continues: "Companies that have previously conducted such operations but lack a MiCA license must now inform their customers about how services are affected and how customers can manage their crypto assets. This could, for instance, involve moving assets to a company that has received a license, to a personal crypto wallet, or closing their holdings."
One option could be for the company to enter into an agreement with an established crypto exchange and recommend that its customers transfer their accounts there. For example, Estonian Kryptomat did this in relation to Kraken, and Norwegian Bytmint in relation to Bare Bitcoin. Selling the company, or entering into a partnership—an initiative started by CEO Christian Ander—now appears less likely.
As Kaupr reported in mid-June, the company's losses have been growing. According to Kaupr's sources, several of the company's key personnel in IT, marketing, legal, and finance have also not been working for some time. As noted earlier in the article, CEO Christian Ander disputes this: "That's not correct. On the contrary, there has been more activity among key personnel recently."
Goobit is listed in Stockholm, and as recently as Wednesday had a market capitalization of 21 MSEK.
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