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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
KAI
CoinCu News
London, united kingdom, 22nd November 2024, Chainwire
Robinhood Exec Dan Gallagher declined consideration to lead the SEC, affirming his commitment to Robinhood…
Discover why Qubetics, Fantom, and Immutable X are the best cryptos to buy in November…
Sui Foundation partners with Franklin Templeton Digital Assets to enhance DeFi solutions on the blockchain.
See how Bitcoin confronts $99K resistance, Avalanche enjoys a 23% rise, & BDAG achieves a…
Gros Islet, St. Lucia, 22nd November 2024, Chainwire
This website uses cookies.