Nigerian Crypto Exchange Describes Deposit Suspension as ‘Industry-Standard Precautionary Measure’

The Nigerian cryptocurrency exchange platform Bitmama recently said it has temporarily suspended deposits due to “ongoing third-party maintenance.” Bitmama said that while earlier media reports about its suspension of deposits are correct, they nevertheless “lack context,” and may have confused users.

Securing User Funds

The Nigerian cryptocurrency exchange platform, Bitmama, recently announced that it has temporarily halted deposits due to “ongoing third-party maintenance.” The crypto exchange clarified that the decision to stop deposits is not an indication of financial instability but “an industry-standard precautionary measure” taken to protect user funds.

Bitmama suggested that while earlier media reports about its suspension of deposits are correct, they nevertheless “lack context,” and may have confused users. In its Dec. 15 statement shared via X, Bitmama detailed its commitment to users and the next steps, saying:

Ensuring the security of your funds is our top priority. We apologize for any confusion caused by recent media reports. We are actively working to expedite maintenance for a swift return to normal deposit functionality.

The crypto exchange also urged journalists who have reported on the deposit halt to emphasize to their audiences the steps Bitmama is taking to protect user funds.

Dear Bitmama community, our attention has been drawn to reports making the rounds about our recent deposit suspension.

Please see our official statements for proper context and updates regarding the situation. #Bitmama pic.twitter.com/ghmsxknBXX

— ₿itmama.eth (@bitmamaexchange) December 15, 2023

Meanwhile, Thelma Okonwa, the crypto exchange’s Marketing Lead, has been quoted in one report stating that no user funds are trapped. Another report, however, suggested that some Bitmama users have been experiencing problems with the deposit functionality since as far back as November 25.

Some of the affected users have since expressed their disgruntlement with the way Bitmama is handling the issue. For instance, one X user said Bitmama should have been more forthcoming about what has been happening. Another user has questioned the amount of time the crypto exchange is taking to solve the issue.

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