August 17, 2001, 12:00 AM

Beenz.com gets baked

Online currency company beenz will close after Aug. 25, the company announced only days after high-profile Flooz.com closed. Accountholders will lose all their beenz value after that date.

Kurt Peters

Executive Editor

This is not a good time for the online currency marketers. Just days after Flooz.com announced its closing, United Kingdom-based online currency company Beenz.com, which also has offices in New York, announced it will shut down Aug. 25. The company will be concentrating on selling the assets of the business, according to a spokesperson. Beenz accounts will be closed at that time and any value in them wiped out. “Members will not be entitled to any compensation of any kind for such invalidated beenz,” according to a company statement. The company posted a notice on its site this week and said members have 10 days to redeem their beenz value.

“Beenz.com’s decision to wind down the beenz economy and halt trading is a direct consequence of the company’s strategy of minimizing liabilities while the company is involved in advanced negotiations with a number of interested parties regarding the potential sale of the business or its assets,” the statement said.

 

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