Celsius suspends withdrawals and transfers to preserve liquidity

Crypto lending platform Celsius Networks LLC has announced today it is pausing all withdrawals, swaps and transfers between accounts, “due to extreme market conditions.”

“We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations,” according to a statement released today.

Celsius is one of the largest crypto lending companies in the world, at one point claiming more than $20 billion in assets. However multiple factors have forced the company to halt all activity on the platform, including the entire crypto market declining, in addition to users blaming Censius for financial losses after encouraging them to hold the declining CEL token as collateral for loans, despite the token losing 75 per cent of its value over the past month.

Celsius has shown empathy for its users but highlighted this is the only way forward to ensure the company doesn’t go under, in its recent statement.

“We understand that this news is difficult, but we believe that our decision to pause withdrawals, Swap, and transfers between accounts is the most responsible action we can take to protect our community. We are working with a singular focus: to protect and preserve assets to meet our obligations to customers.”

Celsius has reaffirmed to its users that they are working to resolve the issue as soon as possible.

“Our ultimate objective is stabilising liquidity and restoring withdrawals, Swap, and transfers between accounts as quickly as possible. There is a lot of work ahead as we consider various options, this process will take time, and there may be delays,” the crypto lending company said in its statement