Urgent: A new cryptocurrency platform announces the suspension of withdrawals

Singapore-based cryptocurrency platform Fayold has suspended withdrawals, trading and deposits, as the repercussions of the recent collapse of digital assets expand.

In a report on Monday, the company said the decision was based on a number of factors, including: Violent volatility in the markets, which has led to the withdrawal of more than $179.7 million since June 12.

The company said it would redraw its roadmap while halting withdrawals.

Chief Executive Officer Darshan Bathija said: “Our management is fully committed to working with financial and legal advisors to the best of our ability to explore and analyze potential possibilities, including restructuring options, and this will protect the interests of the participants."

The company added that it will introduce "special procedures" that allow some clients to continue placing holdings to meet margin calls, or requests for capital increase.

The announcement follows the collapse of Bitcoin and Ethereum by more than 70% from a record high, with the market fleeing risk assets amid fears of slowing economic growth.

The company is now joining Celsius, Blockfi, Hu and AEX, which have imposed restrictions or halted withdrawals, but the companies are now beginning to relax these restrictions.

In June, the CEO claimed that withdrawals were continuing as usual, reassuring investors that the company was not exposed to Celsius or Three Arrows. But the next day the company cut staff by 30%, and the pace of new hires slowed amid uncertainty.

Bitcoin is trading up 1.82%, at $19,383.1, and Ethereum is up 0.60% to $1,065.50.