S’pore-based crypto exchange Hodlnaut halts withdrawals – pulls out MAS licence application

Hodlnaut announced today (August 8) that it has halted withdrawals, token swaps and deposits with immediate effect due to the recent challenging “market conditions”.

In a press release addressed to all its users, Hodlnaut acknowledged that this is “disappointing news” and apologised for the inconvenience that this has brought.

“We would like to reassure you that this difficult decision was taken for us to focus on stabilising our liquidity and preserving assets, while we work to find the best way to protect our users’ long-term interests,” said the company in the press release.

Hodlnaut has also informed the Monetary Authority of Singapore (MAS) to withdraw its licence application. It was previously granted an in-principle approval from the central bank in March 2022.

This means that it will no longer provide regulated digital payment token (DPT) services, ie. our token swap feature. For the avoidance of doubt, Hodlnaut will also cease all borrowing and lending services.

According to Hodlnaut, it is consulting Damodara Ong LLC to work on a feasible recovery plan that has the users’ best interests in mind, and hope to provide the next update on August 19.

“We are immensely grateful to all of our users, past or present, for your continued support over these three years. We wish that the situation was different, but we are determined to find the best possible outcome for our users and will keep our valued users informed every step of the way,” it added.

Featured Image Credit: Hodlnaut