South Korean Prosecutors Impose Travel Ban on Haru Invest Executives Amidst Global Crypto Withdrawal Crisis

By Lola Coin Jun 26, 202373Views

South Korean prosecutors have imposed a travel ban on executives from crypto yield platform Haru Invest, which has halted withdrawals for users in 140 countries. The ban was imposed as a preemptive measure to prevent the potential migration of executives amid an investigation into potential fraud. The ban also applies to executives from Delio and B&S Holdings. Haru Invest halted withdrawals for 80,000 users on June 13, stating it was a “tough decision” and working on a contingency plan. The Singapore-registered firm blamed one of its service providers for the issue. Haru Invest has also laid off more than 100 employees amidst looming lawsuits and uncertainty about fund recovery. These actions occur as South Korea intensifies its regulation of the crypto industry.

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