Hodlnaut, a Singapore-based cryptocurrency lender founded in 2019, has become the latest digital assets firm to suspend withdrawals. The company which announced the “difficult decision” in a blog post blamed "market conditions" and confirmed it will also withdraw its licence application from the Monetary Authority of Singapore (MAS), having been granted principal approval in March this year to provide digital token payment services.

The company has suspended withdrawals, token swaps and deposits, following the likes of rival lenders lenders Babel and Vauld. 

Hodlnaut's  blog post said the firm would now focus on “stabilising” its “liquidity and preserving assets" while working to find the best way to protect users’ long-term interests.