Delio Now Announces Withdrawal Suspension Amid Market Volatility

Key Points:

• Delio, one of the largest crypto lending companies in South Korea, has suspended withdrawals due to market volatility and the suspension of deposit and withdrawal services by Haru Invest.
• Upbit has imposed withdrawal restrictions for Delio to protect investors.
• The decision is temporary and has been taken until the aftermath of the controversy surrounding Haru Invest is fully resolved.

Delio suspends withdrawals amid market volatility following Haru Invest’s deposit and withdrawal suspension. Upbit imposes withdrawal restrictions as a protective measure.

Delio, one of the largest crypto lending companies in South Korea, recently announced that they would be suspending withdrawals from 18:30 on a recent day. The company cited the recent suspension of deposit and withdrawal services by Haru Invest as well as market volatility as reasons for the move. The decision was swiftly followed by Upbit’s announcement that it would restrict virtual asset withdrawals for Delio as part of investor protection measures.

The suspension of deposit and withdrawal services by Haru Invest has caused quite a stir in the crypto community. Haru Invest’s sudden decision to stop these services on the 13th has sparked controversy, and the company’s explanation that “the consignment company provided false information” has done little to quell investors’ concerns.

As a VASP, Delio is the only virtual asset deposit service in Korea that has been reported to the financial authorities. The decision to suspend withdrawals is temporary until the aftermath of the controversy surrounding Haru Invest is fully resolved. However, it is still important to consider the reputation and trustworthiness of crypto businesses, especially in light of recent events.

In a nutshell, Delio’s decision to suspend withdrawals and Upbit’s restriction of virtual asset withdrawals for Delio are investor protection measures in light of the recent controversies surrounding Haru Invest. As a VASP, Delio’s temporary suspension underscores the need for trust and transparency in the virtual asset industry. Investors must be aware of the risks involved and take appropriate measures to protect their investments.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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