Gocelery Bitcoin Exchange Suspends Deposits and Withdrawals

On May 4, the New York-based cryptocurrency exchange Gocelery suspended deposits and withdrawals without any explanation. Cryptocurrency investors who use the platform to invest in bitcoin and altcoins are showing concern over the announcement across social media.

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A Small U.S. Based Cryptocurrency Exchange Suspends Services

The cryptocurrency platform Gocelery, otherwise known as “Celery,” is a subsidiary of Btx Trader and was established in 2014. The trading platform is operated by Ilya Subkhankulov and Divya Thakur, who have claimed since the company started that 90 percent of customer funds were held in cold storage. Since 2014, the exchange has operated with little complaints and has also offered customers using Canadian bank accounts zero fees for transactions.

During bitcoin’s climatic price rise to the $1600s, Gocelery.com users were notified that the company had suspended deposits and withdrawals until further notice. The trading platform did not give any reasons why they ceased offering these services but informed customers via Twitter and Celery’s update page. The trading platform announced its decision at 9:45 am on May 4, stating:

All withdrawals, deposits, and orders are currently suspended. Please refer to this page for all further updates.

Is this a Trending Issue Among Global Exchanges?

Because the price is so high and a few other exchanges across the globe have also halted deposits and withdrawals, Celery’s announcement has caused concern. For instance, this past January, Chinese exchanges suspended withdrawals after the country’s central bank began inspecting them.

Following China’s exchange issues, the popular exchange Bitfinex also suspended fiat withdrawals, causing bitcoiners to worry. However, the reasons behind these particular suspensions were revealed to the public. Both Chinese exchanges and Bitfinex have not reinstated withdrawals at the time of writing.

Celery’s owner, Btx Trader, has been involved within the cryptocurrency environment since 2013. Btx trader is also a corporate branch of another company, as the firm is a wholly-owned subsidiary of WPCS International Inc. For now, customers believe they will just have to wait until Celery gives the public further information via their update page.

Bad Memories

The news of various exchanges suspending deposit and withdrawal services has been haunting bitcoiners with memories of Mt Gox. Celery’s suspension is yet another example of an exchange having issues in 2017, but the problem for customers is the company’s silence.

What do you think about Gocelery suspending deposits and withdrawals? Let us know in the comments below.

Images via Shutterstock, Gocelery, and Twitter.

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