US online broker Robinhood has restricted access to cryptocurrencies, CNBC reports.
The users had previously reported instant deposits to buy cryptos at Robinhood had been suspended. As a result, they could only invest in cryptocurrencies with the funds already available in their wallets. Robinhood has explained that deposits can take up to five business days:
"Due to extraordinary market conditions, we’ve temporarily turned off Instant buying power for crypto."
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Robinhood yesterday banned its customers from buying the shares of GameStop as well as other companies. The shares of these companies have seen strong gains over the past few days thanks to increased purchases by retail traders.
At the same time, crypto exchange platform Coinbase was unavailable. Binance has temporarily halted withdrawal options today. The exchange CEO Changpeng Zhao has reported the platform has faced record activity in several areas, including "user registrations, deposits, transactions and system load."