Cryptocurrency platform Hodlnaut announced that it will be halting withdrawals, token swaps and deposits with immediate effect citing “market conditions” as its reason.

The crypto lender said that it will be looking to “stabilise its liquidity and preserve assets” while it works to protect its users’ long-term interests.

The firm will also be withdrawing its Major Payment Institution License application from the Monetary Authority of Singapore (MAS).

Hodlnaut will no longer be providing regulated digital payment tokens (DPT) services. This includes its token swap feature as well as all borrowing and lending services.

MAS had granted Hodlnaut the in-principal approval in March this year to offer DPT services. MAS was only regulating Hodlnaut’s DPT Token Swap feature, and not its borrowing and lending services.

Hodlnaut said in a statement,

“We are actively working on the recovery plan that we hope to provide updates and details on as soon as permissible.

We are consulting with Damodara Ong LLC on the feasibility and timelines of our intended execution plan and are strategising our recovery plan with our users’ best interests in mind.”