The world of cryptocurrencies can get mixed up on any given day. Over the past week, cryptocurrency Celsius (CEL) has gained a lot, even as it filed for bankruptcy after Celsius Network previously announced the suspension of operations. Cryptos run 24/7 and last weekend, most crypto assets managed by Ethereum (ETH) gained. But amid this positive news, exchange AEX, another player in the Bitcoin and altcoin market, announced the suspension of services. Here are the details…
What is Bitcoin and altcoin exchange AEX?
AEX started operations in 2013. It claims to be one of the first exchanges to allow crypto trading. It describes itself as a “commercial cryptocurrency bank”. The exchange claims on its official website that it has obtained a money services business (MSB) license in both Canada and the US. It has more than 1 million “cumulative users” that it provides over 300 cryptocurrency trading pairs.
Cryptocurrency exchange AEX is also talking about being an asset management service provider. The scope of operations includes DeFi, NFTs, DAO and many other blockchain-related “derivative” investments and services, according to the official website.
AEX suspends operations
A small post on the website reports the suspension of services by the AEX exchange, effective from July 17. The reason stated is “police investigation”. Ironically, prior to the news of the suspension, an FTN token traded on AEX was unlocked. The extent of the police investigation and when AEX users can expect operations to resume has yet to be disclosed.
There have been similar instances
Cryptocurrency exchange AEX is not the only market participant feeling the heat of the cryptocurrency market. In previous events, several companies, including Celsius and Voyager, have filed for bankruptcy, as we’ve also reported as Kriptokoin.com. Three Arrows, a Singapore-based hedge fund, has been liquidated by the court. AEX is not a big exchange like Binance or Coinbase. But news of any suspension combined with a police investigation can trigger negative emotions.
How is the Bitcoin and altcoin market?
Bitcoin (BTC) has been struggling at the $20,000 price level for the past few weeks. Ethereum and other major cryptos have also seen losses in 2022. There was some optimism as Ethereum bounced over the weekend. Overall, the current year has brought many fears to the fore. The volatility in crypto prices is now forcing new enthusiasts to think twice before taking the plunge.
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