I’m writing to remind you that it is time to withdraw your assets from LVL immediately as well as share a time frame for suspension of platform services.

If you have crypto or cash on LVL, please withdraw it immediately. As we announced on July 29th, 2022, LVL’s current service is shutting down on August 29th, 2022. At that time, the LVL App will be removed from the Apple App Store and Google Play Store, and you will no longer be able to use the LVL services. I am personally removing my funds today, and I highly recommend you remove yours as well. I can also share additional information on when services provided by LVL will be suspended between now and August 29th:

On Tuesday, August 9th, all trading will stop on LVL, and user funds will be moved from Market Making back to users’ standard wallets. After this change, orders placed on LVL will be automatically cleared and will not execute or create a record. On Wednesday, August 10th, 2022, all ACH deposits will stop being accepted on LVL. At this time, you will no longer be able to fund your LVL account with fiat, but withdrawals will remain functional. On Friday, August 12th, the LVL card will stop functioning. Please make sure that you move upcoming or recurring transactions to another card, or your transactions may be declined. On Monday, August 29th, the LVL App will be removed from the App Store, and you will no longer be able to access the service or move funds.

So far, 30% of users have removed their funds. We appreciate your fast action in getting your funds off of LVL. For the remaining 70% of users, it is important to remove your funds now while the service is still available. If you do not remove your funds by August 29th, the process for recovering them will depend on whether you have cash or crypto left in your account:

For cash left on LVL, you will receive a paper check mailed to your address provided by our banking program manager, Synapse Financial > > > Technologies. LVL will not be responsible for mailing these checks and cannot support you in expediting or receiving your funds. For crypto left on LVL, it will be transferred to a Kraken commercial account held by LVL. I will be servicing a 30-day grace period for crypto withdrawals on a once-per-week basis, so there may be delays in accessing your funds. After the 30-day grace period, the funds will be released to the custody of LVL.

We are grateful for the understanding users have shown during this wind down of LVL’s legacy infrastructure. Since making this announcement, the business’s financing situation has become more complicated, and we can no longer guarantee that LVL’s service will return in the future. That’s why it’s imperative that you remove your funds from LVL before August 29th. We continue to hold client assets in full reserve, and we continue to support user withdrawals in a timely manner.

Thank you for your understanding, and I look forward to supporting you during the wind down of LVL’s services.

Chris