Few weeks ago, FTX, a popular cryptocurrency exchange crashed and that had a negative impact on the global crypto market. And since then, cryptocurrency market has been unstable, and traders are wallowing in their loses.
There is widespread fear in the cryptocurrency industry in Nigeria as a result of Atom Asset Exchange’s (AAX) suspension of withdrawals.
AAX is a crypto corporation located in Hong Kong but has offices worldwide, including Nigeria.
According to reports, angry consumers stormed the AAX Nigeria headquarters demanding their money while beaten-up staff watched helplessly.
Atom Asset Exchange (AAX) a global fintech company, on Saturday, November 12, 2022, announced it would be suspending crypto withdrawals over massive withdrawals.
Some of its customers in Nigeria who have invested millions did not take the news lightly as it was further revealed that it is very unlikely for the exchange to open again.
While the Dec. 2 report by Legit does not state when the incident occurred, it nonetheless corroborates an earlier plea made by the advocacy group the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN).In its Nov. 28 public notice, SIBAN urged AAX users to stop victimizing the beleaguered crypto exchange’s workers.
We appeal to and discourage any dissatisfied or angry user or investor from harassing or victimizing the AAX Country Manager (Nigeria), other local staff members, and AAX ambassadors nationwide. These persons are also facing the same situation as disgruntled users and investors are.
Customers unable to withdraw
AAX posted a message to customers on November 12 announcing suspended withdrawals.
According to the company, this move is to avoid fraud and exploitation.
The company said, “AAX will continue our best efforts to resume regular operations for all users within 7-10 days to ensure the utmost accuracy.”
As of Friday, 2 December 2022, makes it over two weeks since the promise, and no withdrawal is allowed.
The sudden resignation of the crypto platform’s vice president Ben Caselin and his claims that the “brand is no more and trust is broken” have fueled speculation that the crypto exchange might not resume operations any time soon.
In an interview with Coindesk, he stated nothing was contrary to the hope given to customers at the time of its departure.