March 28, 2024

Cryptocurrency lender Hodlnaut suspends operations with crypto assets

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Cryptocurrency lender Hodlnaut suspends operations with crypto assets

Singapore platformCrypto lending lender Hodlnaut has suspended withdrawals, crypto asset exchanges, and deposit acceptance, stating the need to “focus on stabilizing liquidity.”

Hodlnaut announced that it has withdrawn its application forobtaining a license previously submitted to the Monetary Authority of Singapore (MAS). However, the platform will continue to pay interest to its customers on previously placed deposits until further notice.

“We understand this news is disappointing.users and negatively affects our reputation. But we would like to assure you that this difficult decision has been made so that we can focus on stabilizing our liquidity and preserving assets while we work to find the best way to protect the long-term interests of our users. We sincerely apologize for the inconvenience caused to you,” the message to customers reads.

To work on the Hodlnaut restructuring planSingaporean law firm Damodara Ong was hired. Let us remind you that recently the cryptocurrency broker Voyager Digital announced that it had agreed with the supervisory authorities on a plan to restructure the company.