Airtm, a popular cryptocurrency exchange and wallet in Latam, has announced that it is ending cryptocurrency trading and custody on its platform. The company stated that as of January 4, 2023, all cryptocurrency deposits and withdrawals would be paused due to changes in the service offering of one of its providers.
Airtm Removes Cryptocurrency Trading Options
Airtm, a popular exchange used by freelancers in Latam, has announced that it is liquidating cryptocurrency trading and custody services. The company, which has more than 2 million customers in the region, revealed in a message on its platform that it would remove cryptocurrency-based services in its wallet, leaving customers unable to deposit or withdraw their cryptocurrency funds. of the exchange.
The action was taken by the company allegedly for changing the services offered by an unidentified provider. local sources Express this provider is Wyre, a cryptocurrency-based payment firm, which recently fixed is "going down" and announced a new limit on withdrawals after conflicting reports indicated the company was shutting down operations.
In addition to this, the company further stated that funds available in crypto are being converted to Airusd, its native dollar-pegged stablecoin, which claims to be audited by the Financial Crimes Enforcement Network (FinCEN). Some users reported seeing Forex trades in their accounts, but their funds were still not available as of January 6.
Bank deposits on pause
As part of a set of "preventive actions" that the company is exercising, it is also making changes to the operations supported in European and American banks. Airtm reported that direct deposits to these banks were suspended until further notice, affecting thousands of independent customers who commonly make use of this feature.
However, the company did not indicate if these measures were temporary or if it will include cryptocurrency trading and bank deposits again in the future.
In the past, Airtm was very active in Venezuela, having been the main facilitator for the delivery of a $300 bonus delivered by the now gone interim government to the country's medical workers. This led the current government to try to to block access to the Airtm site.
Likewise, in 2018, the organization thrown out a fundraising campaign to give an airdrop of $1 million that would benefit more than 100,000 Venezuelans registered and identified on the platform.
tags in this story
air, airusd, cryptocurrency trading, Custody Services, european banks, Fincen, self employed, restrictions, US banks, Venezuela, Wyre
What do you think of Airtm removing cryptocurrency trading and restricting banking? Tell us in the comment section below.
Sergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as someone who was late to the game, entering the cryptosphere when the price spike occurred in December 2017. With a background in computer engineering, living in Venezuela and being impacted by the rise of cryptocurrencies on a societal level, offers a different point of view. about the success of cryptocurrencies and how he helps the unbanked and underserved.
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