ECN is aware that the management of TrustBuddy (signed-up member of ECN since 2015) has decided to suspend operations and filed for bankruptcy.
With stopping its operations and being under legal procedure the platform does not fulfill criteria of ECN membership and therefore has been suspended of membership rights. By supporting all actors with networking opportunities, legal information and industry research ECN aims to build a pan-european crowdfunding ecosytem with strong focus on creating industry standards and reinforcing consumer confidence in the sector.
The announcement of the bankruptcy of Trustbuddy puts another emphasis to accelerate the ongoing work of ECN in creating more transparency, reliable industry standards and that a well enforced Code of Conduct and self-regulatory framework promoted by the organisation. The European Crowdfunding Convention on 29-30/10 discussed current trends and opportunities in crowdfunding, and will go in depth regarding the ongoing work of the code of conduct with the presence of lawyers and regulators.