UK BOND Network (UKBN) has mysteriously shut down its platform.
A notice has appeared on the website of the peer-to-peer bond auction platform stating that as of 4 February it is no longer active.
UKBN launched in 2013 and gained full Financial Conduct Authority (FCA) permissions in 2016 before launching an Innovative Finance ISA in March 2017.
The platform is still listed as active on the FCA register but it appears it is changing its focus rather than closing altogether.
“Following a recent acquisition of another company, the business will be shifting its focus to new services, with a new management team now in place,” the notice said.
“All bondholders have been notified of this change by email and details of how to contact us during this transition period have been provided.”
“We would like to thank everyone who has been with us on our UKBN journey – it has been a pleasure to service our clients since 2013.”
Companies House documents for UKBN show its founder Chris Maule stepped down as a director in October 2018.
During January it also extended its accounting period from the end of that month to March and changed its registered office address.
The new address is home to a company called Torca Limited, which describes itself on LinkedIn as a know-your-client and anti-money laundering service provider for initial coin projects.
Some of Torca’s directors, David Philip von Dadelszen, Scott Davies and Michael Embrey also hold directorships for UKBN.