Babel Finance suspends withdrawals because unusual liquidity pressures are detected
Babel Finance, an Asian-based crypto financial services company, has suspended customer withdrawals amid turbulent cryptocurrency markets.
On the afternoon of June 17, Babel Finance said that withdrawals were blocked for users.
The brief announcement of this unit reads:
“Recently, the crypto market has seen a lot of volatility, and many of the significant institutions in the industry have been exposed to risky events. Because of the current situation, Babel Finance is experiencing unusual liquidity pressure. We are communicating with stakeholders about the following steps to protect our customers’ interests. During this time, the withdrawal and conversion function for Babel Finance products will be temporarily suspended, and the time of reconnection will be announced later. We are sorry for the inconvenience.
Babel Finance’s disclosure of liquidity difficulties was a surprise as it raised $80 million in funding at a $2 billion valuation in May.
One source also claimed Babel’s damage was up to “9 digits” but not verified.
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