(Celsius) Celsius native token CEL fell more than 45% on Monday after the crypto lending service announced a pause on withdrawals. The crypto lender also said it would suspend swap and transfer products.
Celsius cited “extreme market conditions” in its latest move, saying it was acting and prioritizing the interests of its community.
The crypto lender said its objective is to stabilize liquidity and restore withdrawals, Swap, and transfers as quickly as possible. The company did not give a timeline on when the withdrawals will resume.
The latest move happens after Celsius initially told its non-accredited investors that they were barred from transferring funds. The crypto lending service has also been hit with regulatory enforcement, with orders of cease-and-desist being issued against it.
CELUSD is down -45.78%.
