• Airtm, a popular exchange and wallet used by freelancers in Latam, is winding down cryptocurrency trading and custody services.
• Starting Jan. 4, 2023 all cryptocurrency deposits and withdrawals will be paused.
• Available funds in crypto will be converted to Airusd, its dollar-pegged native stablecoin.
Airtm, a popular exchange and wallet used by freelancers in Latam, has recently announced that it is winding down its cryptocurrency trading and custody services. This means that from Jan. 4, 2023, all cryptocurrency deposits and withdrawals will be paused. The company stated that the decision was made in response to changes in the services offered by one of its providers.
Local reports have suggested that this provider may be Wyre, a cryptocurrency-based payments firm, which recently announced that it was „scaling back“ and introducing new withdrawal limits. In response, Airtm is taking a number of „preventive actions“ and is also making changes to the supported operations in European and U.S.-based banks, suspending direct deposits to these institutions.
Moreover, the company also revealed that all available funds in crypto will be converted to Airusd, its dollar-pegged native stablecoin. The stablecoin is said to be audited by the Financial Crimes Enforcement Network (FinCEN) and is designed to provide a secure and reliable platform for peer-to-peer payments.
Customers of the platform have reported seeing the exchange operations in their accounts, but their funds were still unavailable by Jan. 6. Airtm is yet to provide more information about the changes taking place, and further updates are expected to be released soon. In the meantime, users are advised to remain vigilant and keep their funds safe.