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

Airtm, which was a popular cryptocurrency exchange that Latam freelancers used, announced it would be closing down cryptocurrency trading and custody services.

The company has over 2 million customers in the region. It posted a message on their platform stating that they are retiring cryptocurrency-based services. Customers will no longer be able to withdraw or deposit cryptocurrency funds from the exchange.

The company took the action allegedly because of the unidentified provider’s change in services. Local sources identify Wyre as the provider. This cryptocurrency-based payments company has recently declared that it is scaling back and announcing a new limit on withdrawals, following conflicting reports that it was closing down operations.

The company also stated that funds in crypto were being converted to Airusd (its native stablecoin pegged to dollars) and was being audited by Financial Crimes Enforcement Network. Some users claimed to have seen the exchange operations in accounts but that their funds were not available by January 6.

Bank Deposits are Currently On Hold

The company is taking preventive measures to make changes to its supported operations in U.S. and European banks. Airtm has informed customers who use this feature regularly that direct deposits to these banks have been suspended until further notice.

The company didn’t say if these were temporary measures or if they will be reintroduced in the future with cryptocurrency trading and bank deposits.

Airtm had been a key facilitator in the delivery of a $300 bond from the interim government to Venezuelan medical workers. The current government tried to block accessibility to Airtm’s website.

In 2018, also launched a crowdfunding campaign to raise $1 million. This would be of benefit to more than 100,000 registered users on the platform.