Suspends Financial News

Professional esports organization Team SoloMid (TSM) (previously TSM FTX) has suspended its $210 million sponsorship deal with the now-bankrupt FTX crypto exchange “effective immediately” following the cryptocurrency trading platform’s shock collapse last week.

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Plaid is a fintech company that facilitates communication between financial services apps and users’ banks and credit card providers.

Following an announcement made 24 hours ago that FTX US may halt trading on its platform, on-chain data reveals that the platform paused withdrawals from the United States-based platform on Nov. 11.

Major cryptocurrency exchange Crypto.com has suspended deposits and withdrawals of two major stablecoins, USDT and USDT, on the Solana blockchain.

The Brothers of Italy party, which looks set to win the country’s general elections on 25 September, has suspended one of its candidates on Tuesday after he was found to have praised Nazi dictator Adolf Hitler in online posts.

The bitcoin (BTC) mining pool Poolin’s wallet arm – PoolinWallet – has announced that it will be “temporarily” suspending all withdrawals in a bid to “preserve assets and stabilize liquidity.” The pool blamed the issue on a spike in withdrawal requests.

Crypto exchange Huobi Global announced the suspension of derivatives trading in New Zealand. The statement from Huobi said the new restrictions against derivative offers are in light of compliance with local regulations. 

Hodlnaut, a Singapore-based cryptocurrency lender and borrower has suspended withdrawals, swaps and deposits, the company said on Monday, the latest sign of stress in the cryptocurrency industry.

Singapore-based crypto lending platform Hodlnaut has become the latest firm to suspend withdrawals, and deposits blaming market conditions and lack of liquidity.

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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________

Southeast Asia-focused cryptocurrency exchange Zipmex has suspended withdrawals, the company said in a tweet on Wednesday night, with an executive of its Thai affiliate citing liquidity difficulties at crypto lenders Babel Finance and Celsius.

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Thai cryptocurrency exchange Zipmex has paused withdrawals on its platform following a "combination of circumstances" beyond its control. Cointelegraph reports that Zipmex could be in trouble were dismissed as “rumors” by CEO and co-founder Marcus Lim following the failed acquisition of the Thai exchange by Coinbase.

Vauld has suspended all deposits and withdrawals. The decision comes amid a broader volatility in the cryptocurrency market and as the platform faces financial challenges. Vauld is looking at a potential restructuring. “This is due to a combination of circumstances such as the volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate,” said chief executive officer (CEO) Darshan Bathija in a statement on the company’s website on Monday. “All this has led to a significant amount of customer withdrawals over $197.7 million since June 12, when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab’s UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans.”

A cryptocurrency lender backed by Peter Thiel and Coinbase suspended withdrawals, trading and deposits on its platform, citing volatile market conditions and financial difficulties facing key business partners.

It has brought in financial and legal advisors as it looks into its options, including a potential restructuring, to "best protect the interests of Vauld's stakeholders".Vauld - which counts Valar Ventures, Coinbase Ventures and Pantera Capital among its backers - says it is "in discussions with potential investors".The decision to suspend withdrawals comes just three weeks after Vauld said it was processing withdrawals "as usual and this will continue to be the case in the future".Last month, crypto lender Celsius paused withdrawals thanks to “extreme market conditions.”

The exchange said it is "facing financial challenges" amid the crypto market meltdown.

Crypto lender Voyager Digital suspends withdrawals, deposits

Amid a wider market rout, the total market capitalisation of cryptocurrencies has fallen below $1 trillion, levels not seen since February 2021.