Cryptocurrency Exchange Bitvavo has refused Digital Currency Group’s (DCG) proposal to pay around 70% of their debt. The Dutch exchange officially announced its decision on January 11th, after being notified by DCG of the counter-offer.

Bitvavo stated that they are not satisfied with the amount of money being proposed, as they believe DCG has the resources to cover the full balance. The exchange also confirmed that the current state of affairs will not have any effect on their platform, clients, or services, as they have pre-financed $290 million of assets in DCG in order to avoid being dependent on them.

The news comes after similar experiences with the Winklevoss brothers’ crypto exchange Gemini. Cameron Winklevoss sent out a public letter on January 10th, accusing DCG CEO Barry Silbert of fraud and calling for his removal as CEO. Gemini claimed that DCG and its subsidiaries owed them $900 million.

Bitvavo said that they are optimistic a solution can be found that will be satisfactory for everyone involved. DCG CEO Silbert recently wrote to shareholders, providing details about the company’s loans, relationships, and other aspects. The US Justice Department and the SEC have also opened an investigation against the firm.