Airtm stops cryptocurrency trading and exchanges all funds for native stablecoin – exchanges

Airtm, a popular cryptocurrency exchange and wallet in Latam, has announced that it will stop trading and custody of cryptocurrencies on its platform. The company stated that starting January 4, 2023, all cryptocurrency deposits and withdrawals would be suspended due to the 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 will suspend cryptocurrency trading and custody services. The company, which has more than 2 million customers in the region, announced in a message on its platform that it is discontinuing cryptocurrency-based services on its wallet, meaning customers will no longer be able to deposit or withdraw their cryptocurrency funds from the exchange.

The action was taken by the company allegedly due to the change in services offered by an unidentified provider. Local sources Condition That provider is Wyre, a cryptocurrency-based payments company that was recently founded specified it “reduced” and announced a new limit on withdrawals after conflicting reports suggested the company would cease operations.

Additionally, the company further stated that available funds in crypto will be converted into Airusd, its dollar-pegged native stablecoin that has reportedly been audited by the Financial Crimes Enforcement Network (FinCEN). Some users reported that they saw the exchange operations on their accounts, but their funds were still unavailable as of January 6th.

Bank deposits paused

As part of a series of “preventative measures” the company is implementing, it is also making changes to supported operations in European and US banks. Airtm said direct deposits at these banks have been suspended until further notice, affecting thousands of freelance customers who frequently use this feature.

However, the company did not specify whether these measures were temporary or whether they will include cryptocurrency trading and bank deposits again in the future.

In the past, Airtm was very active in Venezuela as it was the main intermediary for the delivery of a $300 bond issued by the now deceased Interim government to the country's medical staff. This prompted the current government to try this block Access Airtm website.

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

What do you think about Airtm stopping cryptocurrency trading and restricting banking operations? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price surge occurred in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. He offers a different perspective on crypto success and how it helps the unbanked and underserved.

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