Singapore-based crypto lender Hodlnaut suspends withdrawals

Hodlnaut, a Singapore-based crypto currency lender and borrower, 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.

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.

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

via Reuters