Shares in Canadian firm Voyager Digital have fallen 34% today, as the market prices in the company's suspension of withdrawals and services on Friday – a national holiday in the country.
Voyager Digital is facing liquidity issues following a default by crypto fund Three Arrows Capital, worth $650 million. Three Arrows filed for Chapter 15 bankruptcy on Friday. As a result, the firm "temporarily" suspended all trading, deposits, withdrawals and loyalty rewards, as it works to resolve its issues.
The move has likely caused much panic, as trouble hits other crypto lending platforms in the space, including Celsius, BlockFi, Babel Finance and others.
More rules may be hitting retail traders in Sinagapore, as the Monetary Authority of Singapore (MAS) considers placing "limits on retail participation." The limits may include new rules on the use of leverage in crypto transactions.
The MAS already introduced guidelines earlier this year that prevented crypto companies advertising services in public areas or public media, disallowing them from marketing via newspapers, broadcast or social media platforms.
Chinese tech giants Tencent, Ant Group and several others have issued a "self-disciplined" proposal for selling digital collectibles, which would require ID checks when users issue, buy or sell NFTs.
NFTs will also only be able to be purchased using legal tender, as existing regulation bans the use of cryptocurrencies in the country. Platforms selling NFTs will also need to hold relevant certification.
