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Crypto Suffers Another Blow: Babel Finance Freezes Withdrawals

Crypto financial services company Babel Finance said it was temporarily suspending withdrawals and redemptions in the latest blow to the cryptocurrency sector.

The Hong Kong-based company said in a June 17 statement posted on its website 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 statement read. “We are in close communication with all related parties on the actions we are taking in order to best protect our customers.”