Singapore-Based Crypto Loan Provider Hodlnaut Suspends Withdrawals

Hodlnaut, a Singapore-based crypto currency loan provider and customer, has suspended withdrawals, swaps and deposits, the organization stated on Monday, the most recent manifestation of stress within the cryptocurrency industry.

The crypto loan provider also stated it might withdraw its application for any licence in the Financial Authority of Singapore (MAS) to supply digital token payment services, that it received in principle approval in March.

Hodlnaut stated the move was “because of recent market conditions” and it was “to pay attention to stabilising our liquidity and preserving assets”.

The organization may be the latest inside a string of crypto players globally to operate into difficulties carrying out a sharp sell in markets that began in May using the collapse of two paired tokens, Luna and TerraUSD.

Other much talked about failures include U.S. crypto loan provider Celsius, and Singapore-based fund Three Arrows Capital, each of which declared personal bankruptcy recently.

Hodlnaut was named among Celsius’ institutional clients, based on court filings https://cases.stretto.com/public/x191/11749/PLEADINGS/1174908052280000000011.pdf.

Singapore, a significant center for crypto and blockchain in Asia, has witnessed several crypto companies encounter difficulties in recent several weeks.

Vauld, a Singapore-based crypto lending and buying and selling platform, suspended withdrawals at the begining of This summer, and then that month, Zipmex, a Southeast Asia-focused crypto exchange, suspended withdrawals, though has since started again them for many products.

Hodlnaut and also the MAS didn’t immediately react to demands for comment sent outdoors work hours.

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