Temporary restrictions on the Earning Wallet functionality
With the following message, we wish to clarify the preventive decisions introduced by Young Platform with the aim of protecting the interests of our users. It is our duty to provide you with all information related to risks arising from times of high market volatility.
Young Platform’s ‘Earning Wallet’ functionality is offered via a centralised partner, namely Tesseract, the only one regulated throughout Europe.
As their service limits the availability of crypto in periods of high volatility, it is not risk-free :
- there is a risk of not being able to dispose of your crypto for a defined or undefined period of time in times of high volatility;
- there is a risk of not receiving the rewards provided by the service provider;
- there is a risk of a losing of your capital blocked in the Earning Wallet.
Young Platform has asked the provider for clarification in light of the current market situation. Our partner was cooperative and transparent, providing evidence that their assets are collateralised on a 1:1 basis.
Despite this, Young Platform decided to limit the Earning Wallet service anyway, as the market situation has significantly affected lending and borrowing services worldwide. This means that it has suspended the creation of new stakes as well as auto-renewal on active stakes.
In general, given the delicacy of this moment, we urge everyone to take careful consideration while activating services that provide cryptocurrency rewards for blocking your crypto funds.
Therefore, if you are now using the Earning Wallet service, the staked amount and the corresponding reward will be automatically credited to your Spot Wallet once the staking end date has been reached, as per practice. You are entitled to unlock your cryptocurrencies locked in the Earning Wallet before the deadline, as per the Earning Wallet Terms and Conditions.
If you have any doubts, please contact support by opening a ticket.
We will keep you updated on any changes.
Thank you for your trust in us,
Team Young Platform
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