Due to increased market volatility, Delio, a Korea-owned cryptocurrency lending and savings company, has temporarily suspended fund withdrawals. The company, founded in 2018, offers customers an annual percentage rate (APR) of up to 10.7% on their Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) holdings.
The move follows the recent suspension of deposit and withdrawal of digital assets at Haru Invest, and a heightened crackdown in the US by the SEC. In a statement, the company said the decision was made to protect its customers, who are currently perplexed as a result of the sharp decline in the price of Bitcoin and other cryptocurrencies.
Since reaching an all-time high (ATH) of $69,000 in 2021, the price of Bitcoin has significantly decreased. The price of the leading cryptocurrency has decreased by more than 5% this week, and most altcoin prices have also undergone significant declines. This has caused a number of centralized cryptocurrency businesses to cease fund withdrawals or go out of business.
One of the few digital asset lenders that has not suspended fund withdrawal services during these difficult times is Nexo, which reached a $45 million settlement with the US SEC last January. Delio’s decision to temporarily suspend fund withdrawals is an effort to protect its customers from the current market conditions.
