Attention, this crypto platform is losing its license to practice – Are you one of its customers?
” MAS has repeatedly reminded the general public that cryptocurrency trading is very dangerous. Not only are cryptocurrency values extremely volatile, but client funds are not protected by law. “, the statement added.
It should be noted, however, that Hodlnaut was still one of the few companies to receive in-principle approval from MAS under the law. However, companies or platforms currently or previously associated with Singapore in one way or another were at the center of this year’s cryptocurrency crash.
Is Singapore about to become repressive?
Singapore is considered one of the few jurisdictions that are conducive to the growth of cryptocurrency industry activity. Without really encouraging the actors, the authorities do not introduce absolute restrictive measures to them either, thus allowing the development of their activities. However, the situation could change quickly if these platforms continue to see issues that put their customers’ money at risk.
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In addition to the collapse of the Luna/Terra ecosystem, in recent months lenders such as Vauld and Babel Finance have stopped withdrawing funds from their clients. Trading platform Zipmex also halted payouts, but has since partially unfrozen client funds. Bitcoin and Ether, the two largest cryptocurrencies, have fallen by about 50% since the beginning of the year. ETH could still see a significant increase thanks to The Merge, which is expected in September.
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