Fun

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

News Feed - 2023-01-09 06:01:16

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


Airtm, a Latam popular cryptocurrency exchange and wallet, has announced it is winding down cryptocurrency trading and custody in its platform. The company stated that starting Jan. 4, 2023, all cryptocurrency deposits and withdrawals would be paused due to the changes in the service offer of one of its providers. Airtm Removes Cryptocurrency Trading Options


Airtm, a popular exchange used by freelancers in Latam, has announced it is winding down cryptocurrency trading and custody services. The company, which has more than 2 million customers in the region, disclosed in a message on its platform that they were retiring cryptocurrency-based services in its wallet, leaving customers unable to deposit or withdraw their cryptocurrency funds out of the exchange.


The action was taken by the company supposedly due to the change of the services offered by an unidentified provider. Local sources state this provider is Wyre, a cryptocurrency-based payments firm, which has recently stated it is “scaling back” and announced a new limit for withdrawals after conflicting reports indicated the firm was winding down its operations.


In addition to this, the company further stated that available funds in crypto are being converted to Airusd, its dollar-pegged native stablecoin, claimed to be audited by the Financial Crimes Enforcement Network (FinCEN). Some users reported having seen the exchange operations in their accounts, but their funds were still unavailable by Jan. 6. Bank Deposits Paused


As part of a set of “preventive actions” exerted by the company, it is also making changes to the supported operations in European and U.S.-based banks. Airtm informed that direct deposits to these banks were suspended until further notice, affecting thousands of freelance customers that commonly make use of this feature.


However, the company did not indicate whether 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 bond given by the now-defunct interim government to the medical workers of the country. This prompted the current government to try to block access to Airtm’s site.


Also, in 2018, the organization launched 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 airtm, airusd, Cryptocurrency Trading, Custody Services, european banks, fincen, Freelancers, restrictions, U.S banks, Venezuela, Wyre


What do you think about Airtm dropping cryptocurrency trading and restricting bank 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 rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Hacker Sent to Prison for Robbing Vietnamese Crypto Exchange EXCHANGES | 16 hours ago Executive Linked to Crypto Exchange Bithumb Found Dead Outside His Home: Report EXCHANGES | 6 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Juan Roballo, Shutterstock.com Previous articleHacker Sent to Prison for Robbing Vietnamese Crypto Exchange Next articleBinance Joins Association of Certified Sanctions Specialists Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Billionaire ‘Bond King’ Jeffrey Gundlach Warns of ‘Painful Outcomes’ in Next Recession
Billionaire "Bond King" Jeffrey Gundlach Warns of "Painful Outcomes" in Next Recession Billionaire Jeffrey Gundlach, aka the “Bond King,” has warned of “painful o
Prashant Jha13 hours agoBinance, CZ settlement with US DOJ ‘bullish for Bitcoin ETF,’ crypto community saysCommunity members compared the Binance settlement with the U.S. Department of Justice to the deal with BitMEX
Will The US Elections Propel Bitcoin Past $74,000? Key Metrics To Track This Week
In the wake of the US presidential election, Bitcoin (BTC) is experiencing the expected volatility that often accompanies major political events. Tuesday’s trading saw the largest cryptocurrency fluctuating between
Kyle White2 hours agoIs it altseason? Altcoin 30-day performance and total market cap flash bullishThree key data points highlight the 60-day strength shown by altcoins.815 Total views20 Total sharesListen to article 0:0
Indian Police Seize $3 Million in Bitcoin from Sh**ty Bitconnect Scammers
Property worth over Rs 38 Crore ($5.5 million) has been seized in the Indian state of Gujarati from promoters of the Bitconnect cryptocurrency scam. According to the Times of India, the property includes 280 Bitcoins whi
$15 Million Bounty on Maduro: US Charges Venezuelan President With Narco-Terrorism and Drug Trafficking
$15 Million Bounty on Maduro: US Charges Venezuelan President With Narco-Terrorism and Drug Trafficking The U.S. has charged 14 high-ranking officials of the Venezuelan governmen
Savannah Fortis13 hours agoRobot guest-conducts the Korean National Symphony OrchestraThe android robot EveR 6 and conductor Soo-Yeoul Choi co-conducted a performance of six pieces with the Korean National Symphony Orche
Mad Money’s Jim Cramer Says Tesla, Paypal, Mastercard Are Pushing Bitcoin More Into Mainstream
Mad Money’s Jim Cramer Says Tesla, Paypal, Mastercard Are Pushing Bitcoin More Into Mainstream Mad Money host Jim Cramer has applauded Elon Musk and Tesla for
Tether vows to freeze assets after Venezuela looks to crypto to bypass oil sanctions
Gareth Jenkinson9 hours agoTether vows to freeze assets after Venezuela looks to crypto to bypass oil sanctionsUSDT-issuer Tether says it will block payments made to OFAC-sanctioned entities after sources claim Venezuela
Brayden Lindrea4 hours agoBNB Beacon Chain to add ‘panic’ feature that can ‘halt’ blockchainBNB Beacon Chain mainnet is set to undergo the “ZhangHeng” hard fork around July 19, which will bring new upgrades a
Derek Andersen2 hours agoChange to US accounting rules will be a boon to companies holding crypto in 2025The FASB has recommended that crypto be recorded at fair market value on corporate balance sheets, removing possibl
A New Semiconductor Manufacturing Competitor Has Entered the ASIC Bitcoin Mining Rig Industry
A New Semiconductor Manufacturing Competitor Has Entered the ASIC Bitcoin Mining Rig Industry While companies like Microbt, Bitmain, Innosilicon, Strongu, Ebang, and Canaan have ru