Celsius Network will pause withdrawals and transfers between accounts due to “extreme market conditions”, the company said on Monday, in the latest sign of pressure in the crypto industry.
“We are taking this necessary action … in order to stabilise liquidity and operations while we take steps to preserve and protect assets,” the companyCelsius Network, which raised $750-million in funding late last year, is a significant player in crypto lending Celsius Network, which raised $750-million in funding late last year, is a significant player in crypto lending. It offers interest-bearing products to customers who deposit their cryptocurrencies with the company, and lends out cryptocurrencies to earn a return.
While crypto lending has become increasingly big business, the sector has come under regulatory scrutiny, particularly in the US.