CoinLoan Reduces Withdrawal Limits to 'Balance Flows of Funds'
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July 5, 2022

Cryptocurrency lending firm CoinLoan has reduced its withdrawal limits to balance the flows of funds and "prevent liquidity-related interruptions." The company assured in a blog post that the "current level of liquidity" meets its users' needs.

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With the update, users can now withdraw only up to $5,000 per 24-hour rolling period. It remains unclear for how long the changes have been made. CoinLoan added:

"The reduction is provisional. We are looking forward to lifting this measure once the market situation allows it."

CoinLoan hinted its services might correlate with bigger counterparties since issues at "BlockFi, Celsius, Voyager, and others" are "impacting the whole industry."

As iHodl earlier reported, cryptocurrency broker Voyager Digital also suspended trading, deposits, withdrawals and loyalty rewards, citing "current market conditions" after Three Arrows Capital (3AC) failed to repay over 15,250 BTC and $350 million in USDC.

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