Crypto Suffers Another Blow: Babel Finance Freezes Withdrawals


Crypto monetary companies firm Babel Finance mentioned it was briefly suspending withdrawals and redemptions within the newest blow to the cryptocurrency sector.

The Hong Kong-based firm mentioned in a June 17 assertion posted on its web site that “recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events.”

“Due to the current situation, Babel Finance is facing unusual liquidity pressures,” the assertion learn. “We are in close communication with all related parties on the actions we are taking in order to best protect our customers.”