What’s been happening to Paymium over the last few days? Although the French company has suspended trading activities on its platform, it wants to be reassuring and still allows its users to withdraw their funds if they wish. We interviewed their teams to find out more about the situation.
Trading inaccessible for 7 days
It has now been a week since users of the Paymium platform have been unable to trade with their funds for the past week.. The source of this problem is the suspension of collaboration between the French company and Railsr.
The reason? Railsr subsidiary and Paymium partner has had its license revoked by the Lithuanian regulatorpreventing it from continuing its commercial activities in Europe. As a result, Paymium was forced to close its trading services: it is currently impossible to exchange euros for cryptocurrencies, and vice versa.
« The immediate consequence of ending this collaboration is the interruption of certain Paymium platform services. These are mainly euro and trading services. «
At the time of writing, euro deposits are unavailable on the platform. However, the Paris-based company wishes to emphasize that withdrawals in cryptocurrencies and euros remain open to their customers.
Indeed, as Paymium states on its website, its teams store and secure their users’ cryptocurrency wallets themselves: the end of this collaboration with Railsr has no impact on its customers’ funds..
Despite this, there is some criticism from users. as the company did not communicate on the subject on its Twitter and LinkedIn social networks. Paymium did, however, communicate the information to its users via a blog post and e-mail.
👉 Discover our top 10 best platforms to buy Bitcoin (BTC)
Investing in real estate with blockchain
? Starting at only $50
Paymium answers our questions
For the French company, the top priority was to inform its users about the situation. So, according to its teams, all customers were contacted individually and a support service was deployed to respond to their community.
Concerning the time it takes to get all of its functionality back up and running, the company is not in a position to give a precise date. Indeed, some operations require the involvement of players outside Paymium:
» For the time being, these delays are out of our hands. This situation implies the implementation of procedures to migrate our customers’ funds safely, and we have not yet received all the information from the Lithuanian regulator. Naturally, we will keep our customers informed as soon as possible. […] At the same time, we are working very actively on various solutions to restore access to our full range of services as quickly as possible. «
Being a forerunner in the field of cryptocurrency exchangesPaymium has already experienced bank migrations during its 12 years of existence. As such, the company is reassuring about the future reopening of its services.
👉 What is Bitcoin (BTC)?
Order our Book to understand everything about cryptos
Published by Éditions Larousse
Source: Paymium
Newsletter 🍞
Receive a crypto news roundup every Monday by email 👌
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some of the links in this article may be affiliate links. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This enables us to continue offering you original and useful content. There’s no impact on you, and you can even get a bonus for using our links.
Crypto-currency investments are risky. Cryptoast is not responsible for the quality of products or services featured on this page and could not be held liable, directly or indirectly, by any damage or loss caused as a result of using any goods or services highlighted in this article. Crypto-asset investments are risky by nature, and readers should do their own research before taking any action, and invest only within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no such thing as a guaranteed high return. A product with high return potential implies high risk. The risk you take must be in line with your project, your investment horizon and your capacity to lose part of your savings. Don’t invest if you’re not prepared to lose all or part of your capital.
To find out more, see our Financial situation, Media transparency and Legal information pages.
A lifelong enthusiast for new technologies, I gradually became involved in Web3 activities in the year 2021. As time went by, I wanted to do my bit. That’s when I became a writer, with a view to explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
141 items