On June 14, at precisely 18:30, South Korean cryptocurrency lending pioneer, Delio, sent ripples through the digital finance world when it proclaimed the suspension of withdrawals. Delio attributes this dramatic shift to escalating market turbulence following the equally disruptive move by Haru Invest to freeze deposits and withdrawals just a day before.
Interestingly, the roots of Haru Invest extend deep into the European Union’s soil as it is registered as a Virtual Asset Service Provider (VASP) in the region. On the other hand, Delio holds its registration as a VASP in South Korea. That leads us to an insightful question: Are regulators in these jurisdictions equipped to safeguard investors’ assets?
The fallout of Delio’s withdrawal cessation didn’t stop there. Upbit, one of South Korea’s major cryptocurrency exchanges, responded by curbing the withdrawal capacity of Delio on their platform.
The repercussions of Delio suspending withdrawals have not gone unnoticed. The cryptocurrency community has voiced its disapproval, with some backlash articulated in scathing sarcasm. One such comment made on Twitter reads:
“Heightened market volatility? The market has never been this sideways. What market volatility are they referring to?”
The discontent doesn’t end there. There is an undercurrent of exasperation regarding Delio’s recent maneuver. Observers are drawing parallels to last year’s events when several crypto firms, including Celsius, Voyager, Vauld, Babel Finance, and BlockFi, suspended withdrawals, only to declare bankruptcy later.
This memory from the not-so-distant past has sparked concerns within the community, leading many to believe that a cessation of withdrawals spells doom. A Twitter user concisely expressed this sentiment, stating:
“Halting withdrawals is always a death sentence. It implies that the exchange got washed in the volatility trading YOUR funds and now they can’t cover.”
These recent developments highlight the unpredictability of the crypto market and raise questions about the adequacy of regulatory frameworks to protect investors’ wealth. As we await Delio’s next move, the world watches with bated breath, aware that this could be a turning point for the crypto industry.
The post Crypto Lender Delio’s Suspension of Withdrawals Sparks Concerns Amid Market Turbulence appeared first on CryptoMode.
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