CoinLoan Lowers Withdrawal Limits by 99% #CoinLoan #Lowers #Withdrawals #Limits Welcome to JibGlobe, here are the new resources we have for you today:
Crypto lending company CoinLoan has announced it will reduce its daily withdrawal limit from $500,000 to $5,000.
The Estonia-based platform blamed the panic caused by its competitor’s liquidity problems as a “spike” in customer withdrawals. It claims the current level of liquidity is sufficient to meet customer needs.
CoinLoan joins a long list of CeFi companies struggling after a brutal market downturn.
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CoinLoan has just set a new daily withdrawal limit of $5,000 for its customers, a 99% drop from the previous limit. The company claims to be “unaffected” by the recent market turmoil but implemented changes due to a surge in withdrawals.
Stopping All Withdrawals Would Be “More Convenient”
CoinLoan lowered its withdrawal limit by a factor of 100.
The crypto lending and trading platform announced today that it is introducing a new daily withdrawal limit of $5,000 per user, while the previous limit had been set at $500,000 per day. CoinLoan said the measure was temporary, but effective immediately.
While CoinLoan boasts of being “probably the only company unaffected” by the recent stablecoin collapse, the write-off of hedge funds, or liquidity issues on the main protocol, it claims the “chaos” caused by the affected crypto companies has now caused “withdrawal surge. assets from CoinLoan.”
The new withdrawal limit is referred to as a “precautionary measure” by the company to ensure a balanced flow of funds and avoid “liquidity-related disruptions.” It claims the current level of liquidity is sufficient to meet all customer needs, though admits that stopping all withdrawals would be “more convenient” from a business perspective.