LONDON (CNN Business) - Bitcoin and other cryptocurrencies have plunged, and one of the world’s biggest lenders of cryptocurrency has paused all withdrawals from its platform as the market meltdown continues apace.
The Celsius Network, which has 1.7 million customers, said on Monday that “extreme market conditions” had forced it to temporarily halt all withdrawals, crypto swaps and transfers between accounts.
“We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets,” the company said in a blog post.
The UK-registered company has about $3.7 billion in assets, according to its website. It pays interest on cryptocurrency deposits, and loans them out to make a return.