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[Yugocean]

Celsius Exchange has paused all its services like withdrawal, swaps and transfers between accounts.

This has started a heated debate, people are objecting because Celsius advertise itself where people can access their crypto anytime. Now people have left with their crypto locked in the network.

According to the network, this has been done in the interest of the Celsius community; however, they did not answer "why". Network also says that they will continue to operate to share information, but they did not inform anything that could make users get their intention.

Meanwhile people are promoting decentralization against ceantralized exchange, and are supporting non-custodial wallets, which is main point of decentralization​

 

[ELSA-ELI]

This is very suspicious and they owe it to the community to explain what could possibly been the reason to warrant such an act and because every client has a right to access the full services as of when the deem fit to do so.Such an act infringes the rights of individuals to access to products and services.

Only hope they rectify and communicate what could have been the problem.Yes more exchangers should be decentralized.

 

[Vladv26]

This is an example on why you should never trust an exchange to keep your money safe. Even with well known and trusted websites like Celsius, things like this can happen. We don't know anything yet, it's not like they disappeared with the money but I'm sure this will cause a lot of inconvenience for people using this exchange since their funds are now frozen for who knows how long?

 

[Ben Kempton]

This is an example on why you should never trust an exchange to keep your money safe. Even with well known and trusted websites like Celsius, things like this can happen. We don't know anything yet, it's not like they disappeared with the money but I'm sure this will cause a lot of inconvenience for people using this exchange since their funds are now frozen for who knows how long?

Well, according to news reports, many other exchanges have also temporarily stopped the withdrawals of certain coins like Bitcoin, so I think that Celsius is not the only exchange that has done this. Celsius seems quite reliable to me and I think that they will once again allow people to withdraw their coins. I think they have done this because many people are selling cryptocurrencies due to crash.

 

[Yugocean]

@ELSA-ELI When you join a platform, you accept their ToS, and this gives them right over your cryptos till they want. Although Business is based on trust, and this is what Celsius is breaking.

@Vladv26 Not your keys, not your coins; so moving to wallet could be better.

@Ben Kempton , poor defence. Exchanges earn from trading fees, why they worry if people buy or sell?

 

[Horia_10]

I have read about the report and I can fairly say that this is showing of the word that when the investors like them are in loss they can block peoples money just look at Russia what they did and what many countries and exchanges do , the same can happen here as well and can leave millions of traders reeling indeed .

 

[fiery phoenix]

Well, according to news reports, many other exchanges have also temporarily stopped the withdrawals of certain coins like Bitcoin, so I think that Celsius is not the only exchange that has done this. Celsius seems quite reliable to me and I think that they will once again allow people to withdraw their coins. I think they have done this because many people are selling cryptocurrencies due to crash.

Yes many people are liquidating their coins in fear of losing all their holdings and its their right,Celsius can't deny them that right at this critical moment.They are saying that they paused withdrawals to stabilise liquidity which makes sense but I think this action of pausing withdrawals at any time of their choice is not written in their terms and conditions,in other words Celsius can be sued for this move

 

[Horia_10]

They might be cashing out the dollars themselves at the backend and might stop the users withdraw service so they have to suffer , if such things happen who is responsible ? Will Crypto come to save people here , At moment looks dim and dull and we need to see if it remains above $20k by end of week which looks extremely tough now ATM

 

[Niftyicon]

They might be cashing out the dollars themselves at the backend and might stop the users withdraw service so they have to suffer , if such things happen who is responsible ? Will Crypto come to save people here , At moment looks dim and dull and we need to see if it remains above $20k by end of week which looks extremely tough now ATM

To be candid, your submission was the first thought that flashed through my mind when I saw the news. I am indeed scared for those who have large portions of their holdings on the exchange because from their tweet announcing the suspension of withdrawals and transfers, no tangible reasons were given that warranted such a move on their part.

 

[Ben Kempton]

@ELSA-ELI When you join a platform, you accept their ToS, and this gives them right over your cryptos till they want. Although Business is based on trust, and this is what Celsius is breaking.

@Vladv26 Not your keys, not your coins; so moving to wallet could be better.

@Ben Kempton , poor defence. Exchanges earn from trading fees, why they worry if people buy or sell?

LOL! I am not even trying to "defend" the Celsius exchange. What I am trying to say is that even other reliable exchange platforms like Binance are also not allowing cryptocurrency holders to withdraw their coins and this seems like a common problem. I think that Celsius is not regulated by any big organisation. In fact, I think this is quite concerning.

 

[Horia_10]

They are all trying to make up for their losses on the expense of Terra and this thing being done with and this way of dealing with the customers is not acceptable at all to be fair so this way they are trying to take unfair advantage of their customers who have trusted them actually with the holdings indeed .

 

[Balint098]

https://thehill.com/policy/finance/...binance-halt-withdrawals-as-bitcoin-plummets/
Even the giant exchange like Binance also suspend withdrawals when Bitcoin crashed earlier in the day. Really wonder if it's a policy to prevent bitcoin network congestion, or simply CEX owners wanna make people lose money. Seems the network was a bit congested to the point where people need to wait for hours before transferring their btc.

 

[Yugocean]

LOL! I am not even trying to "defend" the Celsius exchange. What I am trying to say is that even other reliable exchange platforms like Binance are also not allowing cryptocurrency holders to withdraw their coins and this seems like a common problem. I think that Celsius is not regulated by any big organisation. In fact, I think this is quite concerning.

Sorry, which platform according to news is going like Celsius?
I don't find problem with Binance.

Block Fi, Ledn, Bitcoin Maximilist already said they dont have such problem, and Nexo even offerd to buy Celsius.

Yeah, FTX is sone what suspecious, its owner Ben is now loading trust.

 

[fiery phoenix]

https://thehill.com/policy/finance/...binance-halt-withdrawals-as-bitcoin-plummets/
Even the giant exchange like Binance also suspend withdrawals when Bitcoin crashed earlier in the day. Really wonder if it's a policy to prevent bitcoin network congestion, or simply CEX owners wanna make people lose money. Seems the network was a bit congested to the point where people need to wait for hours before transferring their btc.

On the other hand exchanges might be trying to save themselves in the sense that too much liquidation of assets can leave their stock more down than expected.And as I have seen crypto exchanges stocks are fast depreciating like no other stock in the stock market and if continue to let this happen some exchanges are going to go bankrupt in this relentless crash

 

[Horia_10]

Just a simple ploy I do not have the money so can't pay you by the exchanges not a good one for the investors and a exchange should always be ready to accept these things they supported Terra normal investorslost no one paid them , now once again market falls the small ones most affected ? Compensation , not at all these are hypocrates for you .

 

[Balint098]

On the other hand exchanges might be trying to save themselves in the sense that too much liquidation of assets can leave their stock more down than expected.And as I have seen crypto exchanges stocks are fast depreciating like no other stock in the stock market and if continue to let this happen some exchanges are going to go bankrupt in this relentless crash

First of all, only a few exchanges with a global user base can become big enough to the point where transform into a publicly traded company. In other words, the majority of crypto exchanges are private companies, and they have no stock.

Secondly, suspending withdraw like this will only make stock owner to sell their stocks even more, as investing in a company's stock involve trust, and no one would want to invest in an investment company that just suddenly pause withdrawal with no clear reason as to why they do it.

 

[Ben Kempton]

Yes many people are liquidating their coins in fear of losing all their holdings and its their right,Celsius can't deny them that right at this critical moment.They are saying that they paused withdrawals to stabilise liquidity which makes sense but I think this action of pausing withdrawals at any time of their choice is not written in their terms and conditions,in other words Celsius can be sued for this move

Celsius should never violate the right of other to withdraw their cryptocurrency assets, even when the market is down. This is because this has been the reason they have been stating behind the suspension of withdrawal and I think that once the issues get resolved, they should allow people to withdraw money.

First of all, only a few exchanges with a global user base can become big enough to the point where transform into a publicly traded company. In other words, the majority of crypto exchanges are private companies, and they have no stock.

Secondly, suspending withdraw like this will only make stock owner to sell their stocks even more, as investing in a company's stock involve trust, and no one would want to invest in an investment company that just suddenly pause withdrawal with no clear reason as to why they do it.

Yes, you are right. We can see that Binance also followed the same strategy. We cannot do anything except waiting. According to news, Binance has now again allowed its users to withdraw coins from the network. However, Binance stated that they have stopped members from withdrawing money due to the fact that the network was clogged.

 

[Horia_10]

These are just mere lies if we believe then it is just lying that the Terra event was also due to network failure and not a pre planned scheme. Binance allowing withdrawals now is good but this certainly limits the amount of trust they can get from their users and it is the reason why the companies are getting flagged and the investors have to be careful and aware of such things happening in futures .

 

[ELSA-ELI]

I am beginning to get it now,this whole attempt is to ensure people are blocked from panicking.I have just received word from my financial advisor on both normal stocks,ETFs and digital assets we have made investments in that things have really been alarming but that it is just a noise for a person who invested in quality assets.

I think exchangers cannot allow anymore for one to sell the digital assets as this can cause serious problem s for exchangers.

 

[Balint098]

@Yugocean just curious, but do you still invest in crypto? Your country now has a pretty Draconian tax laws that include 30% profit tax on any crypto plus 1% tax deducted from source [on the local exchange you use]. Don't this make crypto in India much less attractive? How many people that you know who are still using crypto after this?