Vauld Exchange Stops Cryptocurrency Withdrawals

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Cryptocurrency platform Vauld has stopped providing services to users due to “financial difficulties”. This is the CEO of the exchange Darshan Bathija reported company blog.

What exactly caused the stoppage of business is unclear. Bathija claims that Vauld stopped services due to unstable market conditions, financial difficulties of “key business partners”, as well as “the current market climate”. About what business partners there is a speech, the head of Vauld did not specify.

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The company stopped not only the withdrawal of cryptocurrencies, but also trading, as well as depositing assets. The company has already turned to financial advisory firm Kroll, as well as Cyril Amarchand Mangaldas and Rajah & Tann Singapore as legal advisers, according to Vauld’s CEO. It is reported that the exchange is already exploring the possibility of restructuring the business, but the details remain unclear.

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“There will be special arrangements for client deposits that may be necessary for some clients to meet margin requirements in connection with secured loans,” Vauld said.

Earlier in Vauld there were layoffs affecting 30% of the staff in the field of marketing, as well as the personnel department. In addition, then the company announced a reduction in marketing and hiring costs. Top management of the exchange also reduced bonuses by 50%.

In 2021, the Vauld crypto exchange raised $25 million from a group of large investors, including Pantera Capital, Coinbase Ventures and others. At the time, it was claimed that the investment would go towards supporting the company’s international growth and licensing, as well as expanding its retail cryptocurrency banking and investment platform.

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Source: Cryptocurrency

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