Why did Airtm Remove Cryptocurrency Trading Options?

Every day, the crypto market brought a new development that 

Significantly affects the broader crypto community. To that end, the popular South American cryptocurrency exchange announced the suspension of deposits and withdrawals on its trading platform.

Airtm announced that it is suspending trading of digital currencies; all deposits and withdrawals of funds have been suspended since January 4. The company announced that the decision was made due to provider Wyre, a crypto payment company.

As per reports, payments provider Wyre Cryptocurrency Payments announced its operational closure on January 5th due to a broader fall in the cryptocurrency market. After the suspension, Airtm announced that it has made advancements to its service offerings.

The company announced three immediate measures. First and foremost, all crypto balances were immediately converted into AirUSD, the platform's native token. The second measure is the deactivation of cryptocurrency direct deposits and withdrawals. 

Third, the "Crypto" section, which was previously located in the Airtm side menu, has been removed. However, the company noted that the option of dealing with cryptocurrency brokers such as Belo remains available. 

Bank Deposits Paused

In addition to the aforementioned changes to its crypto services, Airtm announced restrictions on accounts with banks in the United States and Europe. As per the company's official announcement, 

“Direct deposits with US banks, as well as direct deposits with debit cards and direct withdrawals from European banks, will be deactivated.”

In all the circumstances mentioned, Airtm highlights that these are precautionary measures and that its team is working relentlessly to restore all services as soon as possible. 

However, it is unclear whether the platform would resume operations with cryptocurrencies or with the banks affected by these measures in the future.

Conclusion

This year began in a bearish way for the crypto community, with multiple crypto hacks and withdrawal suspensions. Experts believe that this year will undoubtedly reflect the same scenarios as last year.

However, the broader crypto community remains optimistic about the cryptocurrency market. The community believes that the market will soon regain a bullish momentum, recovering all of its outstanding losses. 

What are your thoughts on the service suspension announcement made by the popular South American cryptocurrency exchange? Please share your valuable thoughts in the comment section below.

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