US-based crypto firm Celsius has suspended withdrawals to stabilize liquidity and protect and preserve its assets.
Announcing the move on Twitter, Celsius says it is “pausing all withdrawals, swap, and transfers between accounts. Acting in the interest of our community is our top priority. Our operations continue and we will continue to share information with the community.”
Citing “extreme market conditions”, the firm says the in withdrawals and transfers is designed to put Celsius in a “better position” to honor its withdrawal obligations in the future.
“Celsius has valuable assets and we are working diligently to meet our obligations,” the company says in a statement.
During the pause, customers will continue to accrue rewards while it works to “protect and preserve” its assets and liquidity stability.
“We understand that this news is difficult,” Celsius says, “but we believe that our decision is the most responsible action we can take to protect our community.”
“There is a lot of work ahead as we consider various options, this process will take time, and there may be delays.”
Celsius was founded in 2017 and is based in Hoboken, New Jersey. It describes itself as “a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions”.