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Indian and Singaporean firm Vauld is the latest in a growing list of crypto exchanges to suspend their operations in the face of a market crash.
The exchange- which is exposed to Indian and Singaporean markets- said it had suspended withdrawals earlier on Monday, citing pressure from extreme market volatility.
The exchange said it had faced nearly $200 million in withdrawals since the Terra crash, which caused a severe liquidity crunch. It had also cut 30% of its headcount last month citing unfavorable market conditions.
But beyond the crypto crash, there may be other, regulatory factors in play that caused its downfall.
The factors, which are endemic to India, may also affect other crypto exchanges operating in the country. Recent data shows that trading volumes in the country have dropped sharply this month.
