What Bitspark is
Bitspark was a Hong Kong fintech company founded in 2014 by George Harrap and Maxine Ryan, considered the world's first cryptocurrency-based remittance startup: it allowed cash to be sent between countries (mainly towards South-East Asia) using crypto as the rail, through a network of cash-in/cash-out points and a multi-currency wallet with more than 12 cryptocurrencies and stablecoins. Despite a reported 400% month-on-month growth of its Cash Point product, the company announced its closure in February 2020 and ceased all operations on 4 March 2020: at the root was the failure of an internal restructuring following the departure of co-founder Maxine Ryan, aggravated by the Hong Kong protests and the outbreak of the coronavirus epidemic (Verified: September 2026).
Regulation and licences
- MiCA: not applicable — the company closed in 2020, more than four years before the European CASP regime came into force (Verified: September 2026).
- It operated from Hong Kong in the remittance sector; there are no regulatory measures linked to the closure, which was a company decision communicated publicly by the CEO.
Security
- The closure was announced and orderly, with notice given to users to withdraw their funds; there were no losses of customer funds and no insolvency proceedings (Verified: September 2026).
Alternatives
For those looking today for crypto buying and selling services with fiat currency, operating and authorised in the EU:
- Kraken — full MiCA licence via the Central Bank of Ireland.
- Bitstamp — MiCA licence via Luxembourg (CSSF).
FAQ
Does Bitspark still exist? No: it ceased all operations on 4 March 2020. The website and services are no longer active.
Why did Bitspark close? For internal reasons: a failed restructuring after the departure of co-founder and COO Maxine Ryan, as recounted publicly by the founders themselves. The Hong Kong protests and the 2020 coronavirus epidemic weighed as additional factors — it was not a failure due to a hack or insolvency.
What happened to the founders? George Harrap later co-founded Step Finance, a portfolio dashboard in the Solana ecosystem, which ceased operations in February 2026 after the theft of around 27 million dollars from its treasury at the end of January. Maxine Ryan left Bitspark shortly before the closure; her subsequent activity is not documented by public sources. (Verified: October 2026)
Verified sources
- https://www.coindesk.com/markets/2020/02/04/bitspark-fades-out-following-coo-maxine-ryans-
- https://cointelegraph.com/news/bitspark-shuts-down-amid-restructuring-coronavirus-and-prot
- https://asiatimes.com/2020/02/hong-kongs-bitspark-exchange-shuts-down/
- https://www.coindesk.com/markets/2021/06/16/step-finance-to-aggregate-solanas-decentralize
- https://www.coindesk.com/business/2026/02/24/step-finance-shuts-operations-after-usd27-mil
