{"id":53554,"date":"2023-06-30T17:21:35","date_gmt":"2023-06-30T21:21:35","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=53554"},"modified":"2023-06-30T17:38:29","modified_gmt":"2023-06-30T21:38:29","slug":"crypto-lending-firm-delio-under-investigation-by-regulators","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-lending-firm-delio-under-investigation-by-regulators\/","title":{"rendered":"Crypto Lending Firm Delio Under Investigation by Regulators"},"content":{"rendered":"\n

The Financial Services Commission<\/a> (FSC) of South Korea is currently investigating Delio, a cryptocurrency loan company, as of June 30th.<\/p>\n\n\n\n

\"Crypto
Crypto Lending Firm Delio Under Investigation by Regulators<\/figcaption><\/figure>\n\n\n\n

Before suspending transactions earlier this month, Delio claimed it had no affiliation with Haru Invest, a struggling lending firm. The Commission accuses Delio of committing fraud, embezzlement, and breaching trust by unilaterally halting user deposits and withdrawals on June 14.<\/p>\n\n\n\n

During an emergency meeting with investors on June 17, Jung Sang-ho \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>announced that the company would resume withdrawals, albeit without providing a specific schedule. <\/p>\n\n\n\n

The company began allowing withdrawals for some staking services on June 27. Sang-ho declared that Delio would secure as much capital as possible for compensation. <\/p>\n\n\n\n

The company currently holds around $8.1 billion in various altcoins and an estimated $1 billion in Bitcoin (BTC), Ether (ETH), and other cryptocurrencies. <\/p>\n\n\n\n

The Crypto Lending Firm holds the distinction of being one of the largest cryptocurrency lenders in South Korea<\/a>. The CEO and executive team are prohibited from leaving the country while prosecutors investigate.<\/p>\n\n\n\n

Delio's sister company, Haru Invest, ceased accepting deposits and withdrawals on June 13 due to issues with a “consignment operator.” In response, Delio followed suit the next day due to counterparty risk. <\/p>\n\n\n\n

Haru Invest has reportedly downsized its workforce significantly since the announcement and is pursuing legal action against its service provider. Delio is regulated by the government as a recognized virtual asset supplier<\/a> (VASP) by the Financial Intelligence Unit. <\/p>\n\n\n\n

However, Haru Invest is not a VASP subject to regulatory oversight. Delio's management denied associating with Haru Invest before deciding to halt withdrawals.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Financial Services Commission (FSC) of South Korea is currently investigating Delio, a cryptocurrency loan company, as of June 30th. Before suspending transactions earlier this month, Delio claimed it had no affiliation with Haru Invest, a struggling lending firm. The Commission accuses Delio of committing fraud, embezzlement, and breaching trust by unilaterally halting user deposits […]<\/p>\n","protected":false},"author":43,"featured_media":53556,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[15095,14870],"class_list":["post-53554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-lending-firm","tag-delio"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/croc_1688157662516.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=53554"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53554\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/53556"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=53554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=53554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=53554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}