Babel Finance Has Put a Halt to Withdrawals Due to a Lack of Liquidity
Originally posted here.
By: Peter Olaluwapo
Babel Finance, a Hong Kong-based asset management firm and cryptocurrency lender, is the latest cryptocurrency lending provider to be hit hard by the current market. Babel Finance said on Friday that redemptions and withdrawals from its products would be temporarily halted due to “unusual liquidity challenges.”
According to a note on Babel Finance’s website, “Recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events.” The company stated it is in close contact with all the involved parties related to the situation and further reiterated that it is …
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