Singapore Crypto Lender Hodlnaut Freezes Withdrawals

09.08.2022 10:14
by Maksym Prykhodko
1 min read

Yet another crypto firm has paused withdrawals on its platform amid the still ongoing adverse market conditions. This time, it’s Hodlnaut, a Singapore-based crypto lender.

In an announcement, Hodlnaut stated that it will now be focussing on stabilizing its liquidity. It will be working with the Singapore law firm Damodara Ong LLC in an attempt to restructure the operation.

This year, Hodlnaut gained approval from the Singapore authorities to offer a digital payment token service to its users. However, the crypto lender is now no longer in the position to offer the Token Swap option.

The company announced August 19 as the date when it will provide new information on the ongoing issues. However, it’s still unknown when the withdrawals will be resumed.

Author

  • Maksym has denied the existence of crypto as an asset for 3 years when he was working with standard financial instruments. Became Head of Treasury. Won the best bank employee award and left the bank for cryptocurrency exchange the next day. Got a second university degree, but that didn’t stop him from studying finance yet. Combines fiat and crypto experience to be as objective as possible in general matters. His dream is to be interviewed by Bloomberg.

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