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COINLOAN IS SLASHING ITS DAILY WITHDRAWAL LIMIT

COINLOAN IS SLASHING ITS DAILY WITHDRAWAL LIMIT 


The Estonian crypto currency lending platform CoinLoan reduced the daily withdrawal limit from US $ 500,000 to US $ 5,000, in the hope of preventing the disruption associated with the financial crisis due to increased customer withdrawals.



Quick facts

CoinLoan says its decision was not driven by market instability and says it is "probably the only company not affected" by the collapse of Terra / USTC, Three Arrows Capital (3AC) and others, the lender said in a blog post on Monday.


The restrictions are intended to be temporary and take effect on July 4th.


CoinLoan joins a growing list of crypto firms to limit or suspend customer transactions and withdrawals in recent months during the crypto winter congestion and the effects of the 3AC hedge fund hedge fund.


Celsius Network, BlockFi and Vauld all suspended transactions in recent weeks.


3AC filed a lawsuit against Chapter 15 on Friday after receiving a suspension order from the British Virgin Islands.

Source: yahoo



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