Celsius pauses withdrawals, cites market volatility

To stabilise the market’s liquidity and safeguard its assets, the US-based cryptocurrency company Celsius has halted withdrawals.

Celsius says it is “pausing all withdrawals, swaps, and transfers between accounts” in a tweet announcing the change. The firm further states in the tweet is that it’s first aim is to act in the best interests of its community, adding that it is still in operation and will keep informing the community as the need for updates arise.

The company claims that the halt in withdrawals and transfers is intended to put Celsius in a “better position” to honour its withdrawal obligations in the future. It cites “extreme market conditions.”

In lieu of this, Celsius has activated a provision in its Terms of Use that permits the suspension of withdrawals from the website. Celsius claims that protecting its community is its “top priority.”

“Celsius has valuable assets and we are working diligently to meet our obligations,” the company says in a statement.