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

Airtm, a Latam popular cryptocurrency exchange and wallet, 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.

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.

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.

(Source: Bitcoin.com)