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FTX Collateral Damage: Coinhouse Suspends Crypto Passbook Withdrawals

Nicholas by Nicholas
November 17, 2022
in Crypto
0
FTX Collateral Damage: Coinhouse Suspends Crypto Passbook Withdrawals

The French cryptobank Coinhouse is suspending withdrawals relating to its offer of crypto passbooks offering up to 6% annual returns. A binding decision stemming from Coinhouse’s exposure to Genesis Trading, a company itself exposed to FTX and which also suspended withdrawals due to tied up cash.

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Dégâts collatéraux de FTX : Coinhouse suspend les retraits de son livret crypto

Coinhouse in the fog

Coinhousethe French cryptobank notably known for being the first to benefit from registration as a digital asset service provider (PSAN), today announced that its customers who have subscribed to its crypto passbook offer will no longer be able to withdraw their funds.

We informed customers yesterday of @CoinhouseHQ having invested in Crypto Passbooks from the temporary suspension of withdrawals.

—Coinhouse (@CoinhouseHQ) November 17, 2022

According to the company’s statement, this decision announced as temporary results mainly from its exposure to Genesis Tradinga company that had already found itself in difficulty following the debacle encountered by Three Arrows Capital (3AC), and which recently decided to suspend its withdrawals because of its own exposure to FTX (to the tune of $175 million). .

🔴 LIVE – Follow the FTX deal in real time

Coinhouse says its platform is not impacted per se and the temporary suspension of withdrawals is only due to the counterparties of its crypto passbook offer :

“Counterparties used, in particular Genesis, announced on the afternoon of November 16 that they were facing a liquidity shortage: they have blocked withdrawals as they cannot honor requests on time, due to the overall tensions in the crypto market and pressure on liquidity. We had no choice but to note the default of these counterparties, and their impossibility to return the crypto-assets entrusted to them, which forces us to suspend for the moment the withdrawals in the savings accounts as well as, as a precaution, the investments. »

Nicolas Louvet, CEO of Coinhouseasserted on November 11 via a tweet that the bankruptcy protection of FTX and its subsidiaries had no consequences for Coinhouse and its clients’ funds:

📢 The protection of the bankruptcy regime (chapter 11) of @FTX_Official and its 130 subsidiaries has no consequence on the services offered by @CoinhouseHQour clients’ funds and the day-to-day management of our operations #crypto.

— Nicolas Louvet (@LouvetNicolas) November 11, 2022

According to the information available, just under 10,000 customers would benefit from this crypto passbook offering up to 6% annual returns.

In parallel with its registration of PSAN, Coinhouse obtained a license in Luxembourg from the Commission de Surveillance du Secteur Financier (CSSF) at the beginning of the year in order to be able to develop a subsidiary in the country.

👉 Read also – Singaporean fund Temasek loses $275 million in FTX

The French unicorn of crypto wallets 🔒

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Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.

AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.

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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.

Maximilien Prue

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