Babel Finance Said to Stop Customer Withdrawals as Crypto Fallout Widens
2022.06.17 15:46
By Geoffrey Smith
Investing.com — Babel Finance has become the latest high-profile cryptocurrency lender to suspend customer withdrawals, CoinDesk reported on Friday.
“Babel Finance is facing unusual liquidity pressures,” CoinDesk quoted a statement from the Hong Kong-based company as saying, adding that it attributed its actions to major fluctuations in the market and “conductive risk events” among institutional market participants.
If confirmed, Babel would be at least the third major lender to have frozen withdrawals in a week, following Celsius Network at the weekend and Finblox on Thursday.
Babel Finance didn’t immediately respond to a request for comment from Investing.com, nor had Babel published any such statement on its website.
