Dasset Crypto Exchange Review: What Happened to New Zealand's First Compliant Crypto Platform?

Dasset Crypto Exchange Review: What Happened to New Zealand's First Compliant Crypto Platform?

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Before Dasset launched, crypto prices in New Zealand were up to 20% higher than global rates. With Dasset, prices dropped to just 1-3% premium.

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Price without Dasset

20% premium

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(Approximate price without Dasset)

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Before Dasset shut down, it was the only crypto exchange in New Zealand where you could trade Bitcoin, Ethereum, and other coins directly with New Zealand dollars-no offshore accounts, no P2P scams, no 20% price markups. For years, it was the go-to platform for Kiwis who wanted to buy crypto legally, safely, and at fair prices. Then, in early 2025, everything stopped. No withdrawals. No answers. Just silence.

Why Dasset Was a Game-Changer

When Dasset launched in May 2019, New Zealand’s crypto market was broken. Prices for Bitcoin and Ethereum were up to 20% higher than global rates because there was no local liquidity. People were forced to use unregulated P2P platforms or offshore exchanges that didn’t follow New Zealand law. Many lost money to scams. Others paid crazy fees just to move cash in and out.

Dasset changed that. Founded by Stephen Macaskill, a Bitcoin veteran with a background in precious metals trading, the exchange was built from day one to be fully compliant with New Zealand’s financial regulations. It wasn’t just another crypto site-it was a licensed digital asset exchange with proper KYC, AML checks, and a clear legal structure.

For the first time, Kiwis could deposit NZD, buy crypto at near-global prices, and sell back to their bank accounts without jumping through hoops. Dasset supported over 30 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Cardano, all trading directly against NZD and USD. The order book was deep, fees were low, and the platform offered advanced tools like limit orders, stop-losses, and API access for automated trading.

The results were immediate. Within months, the price gap between New Zealand and global markets dropped from 20% to just 1-3%. That wasn’t a small win-it was a revolution. Suddenly, crypto wasn’t a luxury for the rich or a gamble for the desperate. It became something ordinary people could use without fear.

Who Used Dasset?

Dasset wasn’t just for casual buyers. Retail traders loved it for its simplicity. But it also attracted professionals-traders who needed real liquidity, institutional investors looking for compliant onramps, and even small businesses that wanted to accept crypto payments.

The exchange partnered with US-based Bittrex in 2020, giving users access to deeper order books and more trading pairs. That partnership wasn’t just marketing-it meant better prices and faster trades. Dasset also hosted local crypto events, sponsored blockchain meetups, and kept a visible presence on Twitter and Facebook. Their customer support line (0800 461 240) was active, and emails were answered.

For years, Dasset was the backbone of New Zealand’s crypto ecosystem. It helped new projects launch, gave local developers a place to test ideas, and gave everyday users confidence that their money was safe.

The Crash: How a Banking Issue Killed a Crypto Exchange

In January 2025, Dasset’s bank pulled the plug.

It wasn’t a hack. No one stole funds. No code was broken. The problem was far more basic-and far more dangerous: banking relationships.

Like many crypto businesses, Dasset relied on a single bank to hold its NZD reserves. When that bank decided to cut ties-without warning, without explanation-Dasset couldn’t process deposits or withdrawals. No bank account. No NZD flow. No way to let customers cash out.

The fallout was brutal. Hundreds of users found their funds locked in the platform. Some had $10,000. Others had $40,000-life savings. One user spent three months trying to withdraw their money. They called, emailed, even got a personal reply from CEO Stephen Macaskill. Still, nothing moved.

Worse, the website kept accepting new sign-ups. New users were still registering, verifying IDs, and depositing money-even though withdrawals were frozen. It looked like business as usual. But it wasn’t. The platform was dying, and customers were being misled.

A bank building slamming shut, casting darkness over a silent crypto platform with frozen users below.

The Liquidation Mess

Dasset announced it was entering voluntary liquidation. But there was no liquidator. No official process. No timeline. No clear plan for returning funds.

The company’s website changed overnight. Phone numbers vanished. Email addresses disappeared. All that remained was a request form and a FAQ page that offered vague promises like “We are working to resolve this.”

Customers were left in limbo. Some waited months. Others gave up. No one knew if their crypto was still on the platform, or if it had been moved, sold, or lost. The lack of transparency turned frustration into anger.

Unlike major exchanges like Coinbase or Binance, Dasset wasn’t backed by billions in reserves or insurance funds. It was a small, local operation. And when its banking lifeline was cut, there was no safety net.

What Happened to Your Money?

As of October 2025, Dasset remains in legal limbo. There is no public update on fund recovery. No court-appointed administrator. No official communication from the company.

If you held crypto on Dasset, it’s likely still sitting on their wallets-unreachable. If you held NZD, it’s probably tied up in a frozen bank account that no one can access.

The New Zealand Financial Markets Authority (FMA) has issued warnings about Dasset but has not taken formal enforcement action. That’s because, legally, Dasset wasn’t a bank. It was a licensed digital asset exchange-and under current rules, exchanges aren’t required to hold customer funds in segregated accounts with insurance.

That’s the real lesson here: Dasset crypto exchange wasn’t taken down by hackers or fraud. It was killed by the traditional financial system it tried to connect to.

A lone cold wallet on a hill under stars, surrounded by faded crypto and NZD icons, symbolizing lost funds.

Lessons from Dasset’s Collapse

Dasset’s story isn’t just about one failed exchange. It’s a warning for anyone using crypto in New Zealand-or anywhere with weak banking support for digital assets.

  • Don’t keep large amounts on any exchange. Even regulated ones. Use cold wallets for long-term storage.
  • Understand the banking risk. If your exchange can’t hold your fiat, you can’t cash out. That’s not a technical issue-it’s a systemic one.
  • Check if the exchange has a licensed custodian. Some platforms partner with third-party custodians that hold assets separately. Dasset didn’t.
  • Watch for signs of trouble. If a platform stops updating its website, removes contact info, or keeps accepting new users while freezing withdrawals-get out.

What’s Left in New Zealand’s Crypto Market?

After Dasset’s collapse, New Zealand lost its only homegrown, regulated exchange that supported direct NZD trading. Today, Kiwis rely on offshore platforms like Kraken, Binance, or Coinbase. But those platforms don’t offer easy NZD deposits. You need to use third-party services like OTC desks or peer-to-peer networks-which brings back the old problems: higher fees, slower processing, and fraud risk.

Some local startups have tried to fill the gap. A few offer NZD onramps through bank transfers or PayID. But none have the same scale, compliance, or trust that Dasset once had.

The dream of a fully compliant, local crypto exchange in New Zealand is still alive-but it’s fragile. Without better banking relationships, stronger regulations around custodial protection, and more capital backing, another Dasset could happen again.

Final Thoughts

Dasset was a rare success story in New Zealand’s crypto scene. It proved that a local, regulated exchange could work. It lowered prices. It built trust. It connected people to the global market.

But it also proved how easily that trust can be shattered. One banking decision. One lack of safeguards. One failure to plan for the worst.

If you’re still waiting for your funds from Dasset, you’re not alone. But you’re also not helpless. Keep checking the official website for updates. Join community groups. File a complaint with the FMA. And most importantly-don’t let this happen again.

Use exchanges that let you withdraw your fiat easily. Store your crypto offline. And never forget: if a platform looks too good to be true-or too convenient-it might be hiding a bank account that could vanish tomorrow.

Is Dasset crypto exchange still operating?

No, Dasset is not operating. The platform stopped all withdrawals in January 2025 and entered voluntary liquidation. It no longer accepts deposits or allows trading. The website remains live with limited information, but no functional trading or withdrawal services are available.

Can I get my money back from Dasset?

As of October 2025, there is no confirmed process for recovering funds. Customer assets-both crypto and NZD-are believed to be locked on the platform or in a frozen bank account. No liquidator has been officially appointed, and no timeline for recovery has been provided. Users are advised to monitor official communications and file complaints with the New Zealand Financial Markets Authority (FMA).

Why did Dasset fail when other exchanges survived?

Dasset failed because it relied on a single bank for its fiat operations. When that bank cut ties, Dasset couldn’t process withdrawals or deposits. Unlike larger exchanges with multiple banking partners or insurance-backed reserves, Dasset had no backup. Its small size and local focus made it vulnerable to traditional financial system risks.

Was Dasset a scam?

No, Dasset was not a scam. It was a licensed, compliant exchange that operated legally for over five years. It reduced crypto price premiums in New Zealand and served thousands of users responsibly. Its failure was due to banking issues, not fraud or theft. However, its lack of transparency during the crisis and continued acceptance of new users while freezing withdrawals damaged trust.

What should New Zealanders use instead of Dasset?

New Zealanders now rely on offshore exchanges like Kraken, Coinbase, and Binance, which offer NZD deposits through third-party services like PayID or OTC desks. Some local providers, like NZ Crypto or BitPrime, offer NZD onramps, but none match Dasset’s original level of integration. Always prioritize exchanges with clear withdrawal policies and strong security practices.

15 Comments

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    Will Barnwell

    October 30, 2025 AT 16:31
    This is why I never trust local exchanges. They're all one bank failure away from vaporizing your life savings. Dasset wasn't special-it was just the first NZ one dumb enough to rely on a single financial lifeline. Classic.
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    Lawrence rajini

    October 31, 2025 AT 10:52
    RIP Dasset 😔 hope everyone gets their money back one day... but honestly? This is why I hodl in cold wallets now. No exchange is safe, not even the 'regulated' ones. 🚫🏦
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    Matt Zara

    October 31, 2025 AT 12:30
    I feel for everyone who lost access to their funds. Dasset actually did a lot of good before it collapsed. It’s heartbreaking when a platform tries to do right by its users and gets crushed by the old-school banking system. We need better rules, not just more warnings.
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    Jean Manel

    November 1, 2025 AT 06:30
    Lmao. 'Compliant'? Yeah right. If you're that reliant on a bank account, you're not crypto-you're a bank teller with a website. This wasn't a failure of regulation, it was a failure of basic business planning. Anyone who trusted this exchange was naive.
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    William P. Barrett

    November 1, 2025 AT 23:04
    There's a quiet tragedy here. Dasset proved that local, regulated crypto could work. It lowered prices, built trust, connected people. But the system didn't protect it. The real question isn't 'why did it fail?' but 'why don't we treat crypto infrastructure like critical public utility?'
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    Cory Munoz

    November 2, 2025 AT 11:50
    I remember using Dasset back in 2021. The support team actually replied. The app worked. I felt safe. It’s awful to see something like this go down without even a clear path forward. No one deserves to lose their savings because the bank got spooked.
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    Jasmine Neo

    November 3, 2025 AT 21:30
    NZ is a tiny market. Of course a local exchange couldn't survive. You think the FMA should have bailed them out? Please. If you're trading crypto in a country where banks still think it's a pyramid scheme, you're playing with fire. Stop pretending this was systemic-it was just dumb.
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    Ron Murphy

    November 5, 2025 AT 12:27
    The banking issue is the real story here. Not the tech, not the regulation-it's the fragile link between crypto and traditional finance. Dasset didn't collapse because it was bad. It collapsed because the system refuses to let crypto be real.
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    Prateek Kumar Mondal

    November 5, 2025 AT 17:27
    Dasset was good while it lasted. Now we have to go back to using offshore platforms with hidden fees and long waits. Hope someone builds a better one soon. No emojis needed. Just facts.
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    Nick Cooney

    November 6, 2025 AT 06:06
    so... they kept accepting new deposits after freezing withdrawals? wow. that's not negligence. that's criminal. but hey at least they were 'compliant' right? 🤡
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    Clarice Coelho Marlière Arruda

    November 6, 2025 AT 23:53
    i signed up for dasset in 2023 and never even got to deposit anythng. i think the site was already glitching. i just forgot about it until i saw this post. feels weird.
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    Brian Collett

    November 7, 2025 AT 17:10
    Anyone else notice how the FMA just sits there? They gave Dasset a license but didn't require segregated accounts or insurance? That’s like giving a gun to a toddler and saying 'be responsible'.
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    Allison Andrews

    November 8, 2025 AT 14:32
    It’s not just about crypto. It’s about how society treats innovation. We cheer on startups until they bump into a wall made of outdated rules. Dasset didn’t fail because it was bad. It failed because we didn’t build the infrastructure to support it.
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    Wayne Overton

    November 9, 2025 AT 08:33
    Dasset was a scam waiting to happen. They knew they were banking on a single point of failure. They kept taking new money. That’s not incompetence. That’s fraud.
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    Alisa Rosner

    November 10, 2025 AT 18:14
    If you're holding crypto on ANY exchange, you're risking it. Dasset was just the first NZ one to remind us. Always use a cold wallet. Always. And if you're worried about fiat? Use a platform that uses a licensed custodian like Coinbase Custody or BitGo. Seriously. Don't wait until it's too late 💡🔒

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