AAP Finance

Aust crypto exchange suspends withdrawals

By AAP Newswire

Nov 16, 2022

A file photo showing a live cryptocurrency market — Brisbane-based cryptocurrency exchange Digital Surge has suspended all deposits and withdrawals. -AAP Image

A Brisbane-based crypto exchange has suspended withdrawals, citing spillover from the collapse of FTX.

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"Due to the impact of FTX Australia's administration, we are not able to operate business as usual and have suspended all deposits and withdrawals until further notice," Digital Surge said in a message on its website.

"Our current priority is to protect and support you, our users, and keep you informed as the situation develops."

In an email to customers the exchange said it "does hold some limited exposure to FTX" and was "working hard to understand the situation as it relates to our users".

The company didn't immediately return an email seeking comment.Â

The notice said it expects to provide a further announcement on the situation within 14 days.

Founded in 2017, Digital Surge says it offers a fast and easy way for Australians to exchange cryptocurrency. It has 22 employees listed on LinkedIn.

The No.3 crypto exchange globally, FTX filed for bankruptcy last week in the United States and could have up to 1 million individual creditors.