Crypto Bank Nuri Suspends Services, Calls on Clients to Withdraw Funds
Main page News, Germany, business, Crypto Market

German cryptocurrency bank Nuri (formerly Bitwala) is shutting down its services for 500,000 clients as the firm failed to find new investors after it had filed for insolvency in August this year, Nuri CEO, Kristina Walcker-Mayer, wrote in a letter.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

The crypto bank is now asking its clients to withdraw crypto funds by December 18, 2022. The trading will be available until November 30, 2022. Walcker-Mayer said the bank made this decision as the challenges have become "insuperable due to the tough economical & political environment of the past months." She added:

"Unfortunately, we have not been able to find investors to continue our mission."

German Crypto Exchange Bitwala Files for Insolvency

The Nuri CEO also hinted that the insolvency of one of Nuri's business partners "worsened the situation significantly" and put the firm over the edge, without naming the company. According to reports, Nuri was using services of Celsius Network, which had filed for bankruptcy earlier this year.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error