What happened? Hodlnaut, a Singapore-based crypto lender has informed users that they will be halting withdrawals, token swaps, and deposits with immediate effect. It’s not the first crypto lender to be facing pressure from the meltdown, so why should we care? Firstly, Hodlnaut was growing rapidly and has more than 10,000 users and $250 million in assets based on its company website. This means that there’d probably be someone around us who is impacted by the suspension of withdrawals. Also, Hodlnaut was one of the first few firms to have received an in-principle approval by the Monetary Authority of Singapore (MAS) for the Payment Services Act (PSA) earlier this year. This would have allowed Hodlnaut to provide digital payment token services under the Payment Services Act. Following the halting of withdrawals, MAS has rescinded this in-principle approval for Hodlnaut, and said that the company will no longer be allowed to conduct regulated services in Singapore. ...