Airtm Ends Cryptocurrency Trading and Exchanges All Funds for Native Stablecoin – Exchanges Bitcoin News

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Airtm, a popular cryptocurrency exchange and wallet in Latam, has announced that it is ending cryptocurrency trading and custody on its platform. The company said that from January 4, 2023, all cryptocurrency deposits and withdrawals will be suspended due to changes to 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 ending cryptocurrency trading and custody services. The company, which has over 2 million customers in the region, revealed in a post on its platform that it was removing cryptocurrency-based services from its wallet, leaving customers unable to deposit or withdraw. their cryptocurrency funds off the exchange.

The action was taken by the company supposedly due to the change of services offered by an unidentified provider. Local sources indicate that this provider is Wyre, a cryptocurrency-based payment company, which recently said it was “reducing” and announced a new limit for withdrawals after conflicting reports said the company terminated its operations.

In addition to this, the company further stated that available crypto funds are converted into Airusd, its native dollar-pegged stablecoin, which is allegedly audited by the Financial Crimes Enforcement Network (FinCEN). Some users said they saw the exchange transactions on their accounts, but their funds were still not available as of January 6.

Bank deposits suspended

As part of a set of “preventive actions” exercised by the company, it also makes changes to the operations supported in European and American banks. Airtm has informed that direct deposits with these banks have been suspended until further notice, affecting thousands of independent customers who routinely use this feature.

However, the company has not indicated whether these measures are temporary or whether they will again include cryptocurrency trading and bank deposits in the future.

In the past, Airtm has been very active in Venezuela, having been the main facilitator of the release of a $300 bond given by the now defunct interim government to medical workers in the country. This prompted the current government to attempt to block access to the Airtm site.

Also, in 2018, the organization launched a fundraising campaign to donate a $1 million airdrop that would benefit more than 100,000 Venezuelans registered and identified on the platform.

Tags in this story airtm, airusd, Cryptocurrency Trading, Custodial Services, European banks, fincen, Freelancers, restrictions, US banks, Venezuela, Wyre

What do you think of Airtm abandoning cryptocurrency trading and restricting banking? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price spike happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at the social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

Image credits: Shutterstock, Pixabay, Wiki Commons, editorial photo credit: Juan Roballo, Shutterstock.com

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