Just a few weeks ago, one of the major cryptocurrency exchanges, FTX, crashed, sending the global crypto market crashing. Since then, the cryptocurrency market has not been stable and traders are wallowing in their losses.

There is widespread fear in the cryptocurrency industry in Nigeria as a result of the Atom Asset Exchange (AAX) withdrawal suspension.

AAX is a crypto corporation located in Hong Kong but has offices all over the world including Nigeria.

Angry consumers reportedly stormed the AAX Nigeria headquarters demanding their money as beaten up staff looked on helplessly.

Atom Asset Exchange (AAX), a global financial technology company, announced on Saturday, November 12, 2022 that it would suspend cryptocurrency withdrawals for mass withdrawals.

Some of its clients in Nigeria who have invested millions did not take the news lightly as it was further revealed that the exchange is highly unlikely to reopen.

While Legit’s December 2 report does not indicate when the incident occurred, it corroborates an earlier petition made by advocacy group Stakeholders in Blockchain Technology Association of Nigeria (SIBAN). In its November 28 public notice, SIBAN urged AAX users to stop victimizing workers at the beleaguered cryptocurrency exchange.

We call on and discourage any dissatisfied or angry user or investor from harassing or victimizing AAX Country Manager (Nigeria), other local staff and AAX ambassadors across the country. These people also face the same situation as disgruntled users and investors.

Customers who cannot withdraw

AAX posted a message to clients on November 12 announcing suspended withdrawals.

According to the company, this measure is to prevent 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 maximum accuracy.”

As of Friday, December 2, 2022, it is more than two weeks since the pledge and withdrawal is not allowed.

The sudden resignation of the crypto platform’s vice president, Ben Caselin, and his claims that “the brand is gone 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 that nothing was contrary to the hope given to clients at the time of his departure.