CoinLoan, a Crypto lending platform, says it has temporarily lowered withdrawal limits for lenders. Amid the current market turmoil, according to the companyannounceon monday
The European crypto lender has become the latest in the business of restricting withdrawals to a number of well-known crypto businesses of various kinds, with CoinLoan noting the issue affecting Celsius, Voyager, BlockFi and Three Arrows Capital. causing a stream of withdrawals on the platform
“The interest we pay on interest accounts comes from issuing overly secured loans to other users of the platform.” As a result, the company has set a withdrawal limit. “To balance capital flows and prevent liquidity-related disruptions.”
Currently, clients are limited to withdrawals of up to $5000 every 24 hours as announced today.
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