Airtm Winds Down Cryptocurrency Trading, Exchanges All Funds to Native Stablecoin

Airtm, a Latam fashionable cryptocurrency speech and wallet, has announced it is winding down cryptocurrency trading and custody successful its platform. The institution stated that starting Jan. 4, 2023, each cryptocurrency deposits and withdrawals would beryllium paused owed to the changes successful the work connection of 1 of its providers.

Airtm Removes Cryptocurrency Trading Options

Airtm, a fashionable speech utilized by freelancers successful Latam, has announced it is winding down cryptocurrency trading and custody services. The company, which has much than 2 cardinal customers successful the region, disclosed successful a connection connected its level that they were retiring cryptocurrency-based services successful its wallet, leaving customers incapable to deposit oregon retreat their cryptocurrency funds retired of the exchange.

The enactment was taken by the institution supposedly owed to the alteration of the services offered by an unidentified provider. Local sources state this supplier is Wyre, a cryptocurrency-based payments firm, which has precocious stated it is “scaling back” and announced a caller bounds for withdrawals aft conflicting reports indicated the steadfast was winding down its operations.

In summation to this, the institution further stated that disposable funds successful crypto are being converted to Airusd, its dollar-pegged autochthonal stablecoin, claimed to beryllium audited by the Financial Crimes Enforcement Network (FinCEN). Some users reported having seen the speech operations successful their accounts, but their funds were inactive unavailable by Jan. 6.

Bank Deposits Paused

As portion of a acceptable of “preventive actions” exerted by the company, it is besides making changes to the supported operations successful European and U.S.-based banks. Airtm informed that nonstop deposits to these banks were suspended until further notice, affecting thousands of freelance customers that commonly marque usage of this feature.

However, the institution did not bespeak whether these measures were impermanent oregon if it volition see cryptocurrency trading and slope deposits again successful the future.

In the past, Airtm was precise progressive successful Venezuela, having been the main facilitator for the transportation of a $300 enslaved fixed by the now-defunct interim authorities to the aesculapian workers of the country. This prompted the existent authorities to effort to block entree to Airtm’s site.

Also, successful 2018, the enactment launched a fundraising run to springiness an airdrop of $1 cardinal that would payment much than 100,000 Venezuelans registered and identified connected the platform.

What bash you deliberation astir Airtm dropping cryptocurrency trading and restricting slope operations? Tell america successful the comments conception below.

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