Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

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.

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

Read more about


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.