Cryptocurrency Lending Platform Salt Suspended License For 30 Days

The California Financial Conduct Authority has decided to suspend the license of crypto lending platform Salt for 30 days in order to investigate the withdrawal of customers and its connection with the collapse of FTX.

It is on November 17 that the California Department of Financial Innovation and Protection (DFPI) will suspend the license of crypto lending platform Salt for 30 days. In the meantime, there will be a departmental investigation into Salt’s recent announcement to restrict the platform’s activities, including suspending customer withdrawals.

As mentioned in an earlier Coincu News article, affected by the FTX crash, crypto lending platform has stopped depositing and withdrawing funds.

The company said in a statement issued by CEO Shawn Owen that “the collapse of FTX has damaged our business,” but did not specify the full range of risks.

After the platform shut down customer deposits and withdrawals ,Bnk To The Future has announced the termination of its plans to acquire crypto lending platform Salt.

In addition,Bnk To The Future states that it is not affected by Salt and FTX, has no direct or indirect connection to Salt or FTX, and all client funds are completely segregated and uninvested.

BnkToTheFuture agreed in September to acquire the crypto lending company for an undisclosed amount to allow users to borrow their crypto holdings, an agreement is subject to the conclusion of the final agreement and the receipt of regulatory approval.

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