Singapore-based crypto lender Hodlnaut suspends withdrawals

Singapore-based crypto currency lender and borrower Hodlnaut has suspended withdrawals, swaps and deposits, the company said on Monday, the latest sign of stress in the cryptocurrency industry.

The crypto lender also said it would withdraw its application for a licence from the Monetary Authority of Singapore (MAS) to provide digital token payment services, for which it received in principle approval in March, Reuters reports.

An MAS spokesperson said it had rescinded the approval following the request.

Hodlnaut said the move was “due to recent market conditions” and was “to focus on stabilising our liquidity and preserving assets”.

The company is the latest in a string of crypto players globally to run into difficulties following a sharp sell off in markets that started in May with the collapse of two paired tokens, Luna and TerraUSD.

Other high profile failures include U.S. crypto lender Celsius, and Singapore-based fund Three Arrows Capital, both of which filed for bankruptcy last month. Read full story

Hodlnaut was named as one of Celsius’ institutional clients, according to court filings.

Singapore, a major centre for crypto and blockchain in Asia, has seen several crypto companies run into difficulties in recent months.

About The Author

Leave a Reply

Your email address will not be published. Required fields are marked *