Babel Finance Freezes Withdrawal

The crypto firm suspends withdrawals and redemptions in latest shock to the crypto sector, leaving investors to ask 'who's next?'

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..

"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."

During this period, the statement continued, "redemptions and withdrawals from Babel Finance products will be temporarily suspended, and resumption of normal service be notified separately."

The company's website describes its vision as "building open financial infrastructure for the future."

On May 25, Babel Finance closed an $80 million Series B fundraising round at $2 billion valuation.

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