Celsius CEL tokens have plunged 50.73% to $0.1941 after the platform announced that it would halt its withdrawals, swaps, and transfers between accounts due to extreme market situation.
The company says it has activated a clause in its terms of use that will enable the process. Celsius maintains that the step is to enable the firm to meet its obligations in the future.
Celsius added that the step was being taken to benefit the entire community in a way that will stabilize liquidity and operations while protecting assets. The announcement adds that users will continue accruing rewards during the period as per the terms.
The announcement follows another step by the network to block non-accredited investors from transferring funds. The firm has also implemented major restructures, including replacing its CFO.
Celsius has been facing regulatory pressure after the enforcement agencies issued cease and desist orders against the company.
Twitter Cryptocurrency user @WuBlockchain posted that Celsius had transferred an estimated 104,000ETH to FTX in the past three days.
Source: Celsius
