How can you protect yourself against unexpected crypto withdrawal bans? Are there certain crypto wallets to avoid? The answer is yes, and it all comes down to one clear distinction. The NASDAQ-listed Coinbase exchange also came under scrutiny after the United States Securities and Exchange Commission filings deduced that billions in users’ funds could be become inaccessible in the event of a bankruptcy.įor one reason or another, it seems like crypto traders’ assets keep getting stuck between a rock and a hard place, while concerns over fund security continue to pile up. Although the issue was swiftly rectified, the cause was a matter of contention Binance blamed a simple technical glitch while news outlets framed the suspension as an effect of the wider market downturn. On the same day as the Celsius ban, Bitcoin holders found themselves unable to access their funds on Binance. As of 15 June, the ban was still in place as an insolvency loomed. Then, as the entire crypto sector continued to fall into a bear market, the prominent lending platform Celsius, which had more than $24bn on its accounts in December 2021, although that number steadily decreased in the following months, announced a sweeping withdrawal ban on 13 June. That temporary suspension became permanent when the project failed to recover. When Terra Labs’ LUNA and UST coins spiralled to zero in early May, Binance was forced to temporarily suspend withdrawals of the multi-billion-dollar cryptocurrencies, blaming “network slowness and congestion”. It seems like 2022 will be the year of the withdrawal bans. How to avoid fiat exchange withdrawal bansĬrypto exchange withdrawal bans: On the rise.How to avoid exchange withdrawal bans with crypto wallets.Crypto exchange withdrawal bans: On the rise.
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