Hong Kong Crypto Lender Babel Finance Suspends Withdrawals

Babel Finance, a provider of crypto-asset services based in Hong Kong, announced yesterday that it will temporarily suspend redemptions and withdrawals.

"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,"Babel Finance stated.

"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. We apologize sincerely for any inconvenience caused."

Today's announcement follows Babel Finance revealing in May that it has completed a $80 million Series B financing round at a valuation of US$2 billion.

Recently, the crypto market has entered into a cold winter due to the "current macroeconomic and geopolitical turmoil". This week, Coinbase, one of the the latest crypto firm, announced to take an axe to its workforce, outlining plans to lay off around 1100 people - 18% of its workforce.