AAX Exchange Suspends Withdrawals

New “turbulence” is threatening the cryptocurrency market, after the suspension of withdrawals on the AAX exchange, citing a bug in a system upgrade.

- Advertisement -

AAX is a relatively small cryptocurrency exchange with data from CoinGecko showing that trading volumes last month “peaked” at around $2 billion.

In the last 24 hours, that number dropped to around $180,000. In contrast, Coinbase’s volumes exceeded $1.5 billion in the same 24-hour period.

The cryptocurrency world has been rocked in recent days by the collapse of the well-known exchange FTX, with the fallout spreading to companies like BlockFi and Galaxy Digital.

According to a notice on the Exchange’s website, an error attributed to a third-party partner led to the “abnormal logging” of some other users on the system. “AAX will continue its best efforts to resume normal operations for all users within 7-10 days to ensure maximum accuracy,” the notice said.

In a statement to Bloomberg, AAX vice president Ben Caselin said:

“The FTX situation has put tremendous pressure on trading everywhere, with users concerned about their holdings on the exchanges.”

Furthermore, Caselin added that, “it is my observation that this can be resolved in a matter of days, although rebuilding market confidence may take months,” while adding for AAX that “funds are intact.”

Previous Articles:

- Advertisement -

Latest News

Shopify, Coinbase Launch USDC Payments; Mastercard Expands Crypto Access

Shopify and Coinbase allow merchants to accept USDC stablecoin payments, making crypto transactions easier...

Coinbase Launches Wrapped ADA and LTC on Base, COIN Hits New High

Coinbase has introduced wrapped versions of Cardano (ADA) and Litecoin (LTC) on its Ethereum...

ClickFix Attacks Surge 517% in 2025, Fake CAPTCHAs Spread Malware

ClickFix attacks using fake CAPTCHA verifications have risen by 517% in early 2025, according...

FHFA Orders Fannie, Freddie to Consider Crypto as Mortgage Collateral

The U.S. Federal Housing Finance Agency ordered Fannie Mae and Freddie Mac to consider...

Retail Investors Can Now Buy Tokenized Shares of SpaceX via Blockchain

Retail investors can now buy blockchain-based fractional shares in SpaceX through Republic. These digital tokens...

Must Read

How to Buy Dedicated Hosting With Crypto

In this article I am going to show you how to buy dedicated hosting with crypto from one of the best European hosting providers...