Airtm Exchange Curtails Digital Currency Trading

The popular South American crypto exchange has suspended deposits and withdrawals on its trading platform as its Wyre provider closed due to market conditions. Airtm announced that it is closing the trading of digital currencies – since January 4, all deposits and withdrawals of funds have been stopped. The company announced that it was due to provider Wyre, a cryptocurrency payment company that announced it was scaling back its operations. Airtm announced that those with assets in cryptocurrencies will be converted into the exchange's own stablecoin pegged to the US dollar – Airusd. The exchange said the stablecoin has passed an audit by the Financial Crimes Enforcement Network (FinCEN). It is also reported that the company is changing the support for operations in European and American credit institutions – direct bank deposits are suspended indefinitely.. The change has reportedly affected thousands of customers using this option. While Airtm has not specified whether the changes are temporary or if the exchange will start offering cryptocurrency services again in the future. At the end of 2022, cryptocurrency platform Midas Investment also informed users of a $63 million working capital deficit and said it would cease operations.