Cryptocurrency Exchange AAX Suspends Withdrawals
Cryptocurrency exchange AAX has suspended withdrawals to carry out a planned system update.
The platform has said the limitation of operations is not related to the collapse of FTX. The statement reads:
“In light of the insolvency of one of the largest players in our industry, users are rightfully concerned about the operational and financial stability of centralized exchanges. We hope that as a community we can get through these troubling times together.”
The team expects to restore the functionality of the platform within 7-10 days.
According to a company representative:
“A bad time for scheduled maintenance to fix serious vulnerabilities that will last more than 24 hours. Due to additional precautions, this will take longer.”
The company has explained the update was the result of an “external partner outage” that found “incorrect balance entries for some users.”
