Mode Global said it had started to shut down the operations of Fibermode, JGOO and Greyfoxx after failing to attract new funding.
The crypto group added it is looking to restructure by winding down the customer operations of its regulated trading subsidiaries and by making CVA proposals to creditors of MGL Ltd which cannot currently be settled.
In the following weeks, the Mode mobile application will be shut down, said the statement, with subsidiaries Fibere and JGOO to close.
"Customers will be notified in due course and their funds and crypto assets will remain safe with partners with no access restrictions.
“Mode does not lend out assets. Customers will be encouraged to remove their assets from the platform in the coming days and weeks,” it added.
“The board will continue to look for ways to extract value from the group in the future and to rebuild operations within the cryptocurrency industry.”