Crypto exchange AAX halts withdrawals, says FTX put ‘immense pressure’ on industry

Cryptocurrency exchange AAX has suspended withdrawals, citing a glitch in a system upgrade.

AAX is a relatively small crypto exchange: data from CoinGecko showed that trading volumes over the last month peaked at around $2 billion. Over the last 24 hours, that number had dwindled to around $180,000. By contrast, Coinbase volumes were more than $1.5 billion in the same 24-hour period.

The crypto world has been roiled in recent days by the collapse of high-profile exchange FTX, with fallout spreading to the likes of BlockFi and Galaxy Digital. According to a notice titled “Forward Through Adversity” on the exchange website,