Skip to main content

Nigerian Crypto Exchange Describes Deposit Suspension as ‘Industry-Standard Precautionary Measure’

Nigerian Crypto Exchange Describes Deposit Suspension as 'Industry-Standard Precautionary Measure'

The Nigerian cryptocurrency exchange platform Bitmama recently said it has temporarily suspended deposits due to “ongoing third-party maintenance.” Bitmama said that while earlier media reports about its suspension of deposits are correct, they nevertheless “lack context,” and may have confused users.

Securing User Funds

The Nigerian cryptocurrency exchange platform, Bitmama, recently announced that it has temporarily halted deposits due to “ongoing third-party maintenance.” The crypto exchange clarified that the decision to stop deposits is not an indication of financial instability but “an industry-standard precautionary measure” taken to protect user funds.

Bitmama suggested that while earlier media reports about its suspension of deposits are correct, they nevertheless “lack context,” and may have confused users. In its Dec. 15 statement shared via X, Bitmama detailed its commitment to users and the next steps, saying:

Ensuring the security of your funds is our top priority. We apologize for any confusion caused by recent media reports. We are actively working to expedite maintenance for a swift return to normal deposit functionality.

The crypto exchange also urged journalists who have reported on the deposit halt to emphasize to their audiences the steps Bitmama is taking to protect user funds.

Meanwhile, Thelma Okonwa, the crypto exchange’s Marketing Lead, has been quoted in one report stating that no user funds are trapped. Another report, however, suggested that some Bitmama users have been experiencing problems with the deposit functionality since as far back as November 25.

Some of the affected users have since expressed their disgruntlement with the way Bitmama is handling the issue. For instance, one X user said Bitmama should have been more forthcoming about what has been happening. Another user has questioned the amount of time the crypto exchange is taking to solve the issue.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/zefPR0g
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more