Singapore-based crypto lending platform Hodlnaut has suspended withdrawals, crypto asset exchanges and deposits, saying it needs to “focus on stabilizing liquidity.”
Hodlnaut said it has withdrawn its license application previously submitted to the Monetary Authority of Singapore (MAS).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 that this news is disappointing to users and has a negative impact on 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 safeguarding 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 says.
Singapore-based law firm Damodara Ong was brought in to work on Hodlnaut’s restructuring plan. Recall that recently the crypto-currency broker Voyager Digital announced that it had agreed with the supervisory authorities on a plan to restructure the company.
Source: Bits
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