Crypto Lender Removes Cap on Loans
The crypto lender said that the cap will be removed if and when market conditions allow.
CoinLoan will limit withdrawals to $5,000 per 24-hour period to prevent a financial meltdown, as stated in the announcement on the company's blog. The policy started immediately.
The announcement claims that CoinLoan is one of the few entities that was not affected by the collapse of the Terra ecosystem and crypto hedge fund Three Arrows Capital, among others. Nevertheless, it has joined BlockFi and Vauld in freezing or restricting user transactions and withdrawals.
CoinLoan says it will increase the limits when market conditions allow.