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Babel Finance suspends withdrawals, citing 'unusual liquidity pressures'

DeFi

www.theblock.co 17 June 2022 11:35, UTC
  
Reading time: ~2 m

Babel Finance, the Asia-based crypto financial services firm, suspended client withdrawals amid turbulence in crypto markets. 

"Due to the current situation, Babel Finance is facing unusual liquidity pressures," according to a notice on its website on Friday. "We are in close communication with all related parties on the actions we are taking in order to best protect our customers. During this period, redemptions and withdrawals from Babel Finance products will be temporarily suspended, and resumption of normal service be notified separately."

Babel didn't immediately respond to a request for comment from The Block. 


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