Crypto Exchange AAX Suspends Withdrawals

Cryptocurrency exchange AAX has suspended withdrawals citing a planned system update as the reason.

The platform has said in a statement that the limitation of operations is not related to the collapse of crypto exchange FTX. The document 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.”

According to representatives of the exchange, withdrawals should be resumed within 7-10 days.

The company has explained that the update was the result of an “external partner outage” that found “incorrect balance entries for some users.”