S Korean Crypto Lender Delio Suspends Withdrawals – What Do We Know?

The South Korean crypto lending platform Delio says it is “temporarily” suspending deposits and withdrawals, as financial regulators say they are “investigating” the situation.

The platform is a crypto lending service and wallet, which holds an official virtual asset service provider (VASP) operating license.

In a statement, the firm said that it would halt deposits and withdrawals on the platform as of UTC 09:30 on June 14.

Delio blamed the move on “the aftermath” of domestic firm Haru Invest’s own decision to suspend crypto deposits and withdrawals this week.

Delio said Haru’s move had “dramatically increased market volatility and increased confusion among investors.”