Nexo May Acquire Vauld, BitMEX Bans Services To Russians in EU, CoinLoan Limits Withdrawal Limits

Written by Lindi Miti

July 6, 2022

Nexo May Acquire Vauld

Nexo, a London-based cryptocurrency lender, has offered to acquire the Singaporean cryptocurrency platform, Vauld. The company has signed a term sheet (a document outlining the terms and conditions) to buy 100% of Vauld. The offer has a 60-day exploratory period, after which Nexo and Vauld may decide to either finalize or drop the deal. 

“Upon successful completion of the transaction, Nexo plans to acquire up to 100% of Vauld and reorganize its future operations to accelerate its deeper presence in Asia,” Nexo said in a statement on Tuesday.  

Nexo is offering to acquire Vauld to extend its business operation in Southeast Asia. Last month, the company also offered to buy out the financially troubled Celsius. However, neither firm revealed what became of the offer. 

“Operating under the Nexo umbrella puts us instantly in a position of strength to continue the execution of our fiduciary obligations to our customers and to execute upon both companies’ ambitious roadmaps, regardless of the market conditions,” Vauld CEO Darshan Bathika said.

BitMEX Bans Services to Russians In the EU

BitMEX, a cryptocurrency exchange, announced that it is restricting its services to Russian citizens or residents located in the European Union. The cryptocurrency exchange decided to comply with EU sanctions against Russia over the war in Ukraine. Those affected have until the 11th of July to remove their funds. 

The European Union and the United States government responded to Russia’s invasion of Ukraine by issuing economic sanctions and removing the country from the SWIFT banking system. They also prohibited “high-value cryptocurrency asset services” to close loopholes in the sanctions. 

BitMEX is not the only cryptocurrency exchange affected by the sanctions. Binance, the largest cryptocurrency exchange in the world, has also restricted its services to Russian citizens. Currently, Russian customers can only withdraw cryptocurrencies from the Binance exchange. 

CoinLoan Cuts Daily Withdrawal Limits

CoinLoan, a cryptocurrency lending platform, has cut its daily withdrawal limit by 99%, from $500,000 to $5000. The company issued a statement informing customers that it was not affected by the Luna/UST crash. However, due to market conditions, the company is taking pre-emptive steps to ensure smooth operation in the future.

The company said that it was weathering the crypto winter. “We understand that some of you may be storing your life savings on CoinLoan, so we cannot simply disable withdrawals. Thus, we are only lowering the limit, so you can withdraw a portion of your assets if necessary,” said the company in a statement.

Written by Lindi Miti © Crypto University 2022

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