Voyager Digital stops crypto withdrawals and other services

The exchange now joins a long list of businesses that have stopped accepting withdrawals, curtailed services, or dealt with other liquidity issues.

Withdrawals and the majority of other financial services will be temporarily suspended, according to a statement from Voyager Digital.

Voyager said that it would temporarily halt trading, deposits, withdrawals, and loyalty awards in a blog post. Additionally, this will stop customers from using their Voyager debit cards.

On Voyager's app, users will still be able to view market data. The business will also provide reward payments for June, and it intends to do so again in July.

The limitations went into effect at 2:00 p.m. ET today, 45 minutes after the business made the change official.

Voyager didn't say when it will resume offering its customers services. As an alternative, it stated that it is "not in a position to disclose anything additional today" and that it "hopes to have more to share shortly."

The company said that it will investigate strategic options and noted that it is in talks with other companies "about additional liquidity and the go-forward plan for the company.

Voyager didn't specifically state whether or not the negotiations could result in a takeover of the business.

On June 22, Sam Bankman-Alameda Fried's Research granted Voyager a loan totaling more than $500 million in cash and cryptos.

The purpose of that financing was to take the place of money provided by Three Arrows Capital, which last week missed a payment on a $665 million loan.

Voyager stated today that it is still making an effort to recoup 3AC's loan through the British Virgin Islands legal system.

Voyager is not the only business that has suspended operations recently. On June 13, the first cryptocurrency company to halt withdrawals was Celsius. In recent weeks, similar actions have been taken by other businesses like CoinFLEX and Babel Finance.

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