The exchange joins a growing number of organisations that have halted withdrawals, suspended services, or are suffering other liquidity issues.
Voyager Digital has notified the temporary suspension of withdrawals and the vast majority of other financial activities.
Voyager said in a blog post that it will temporarily cease trading, deposits, withdrawals, and loyalty benefits. Additionally, this will restrict customers from using their Voyager debit cards.
Users will continue to have access to market data through Voyager’s app. In addition to sending out incentive money for June, the company aims to continue doing so in July. The limits went into effect 45 minutes before the firm announced the change, at 2:00 p.m. ET today.
Voyager did not say when its customer services will resume. Instead, it said that it is “not in a position to reveal anything additional at this time” and that it “hopes to have more to offer shortly.”
The business said that it would investigate strategic options, saying that it is in talks with other companies “about extra liquidity and the company’s future strategy.” Voyager did not expressly confirm or deny if these talks may result in corporate purchase.
Loan Obtained by Voyager Last Week
Voyager Digital attempted to retain solvency amid the crypto industry-wide liquidity crisis in June. Sam Bankman-Alameda Fried’s Research lent Voyager over $500 million in cash and cryptocurrencies on June 22.
This credit was designed to replace the $665 million debt that Three Arrows Capital defaulted on this week. Voyager said today that it is still working to collect 3AC’s debt via the British Virgin Islands judicial system.
In recent weeks, Voyager is not the only firm to have discontinued its services. Celsius was the first cryptocurrency company to halt withdrawals on June 13. In recent weeks, other companies, including CoinFLEX and Babel Finance, have followed suit.
As Bitcoin prices continue at a level not seen since December 2020, it appears probable that additional enterprises battling with the crypto winter will soon cease operations.