A Hong Kong-based Cryptocurrency Exchange platform, Babel Finance has announced a suspension of withdrawals and redemptions.
Babel Finance is joining the list of Crypto exchange platforms that have announced withdrawals.
‘Celsius’ had made the first move when cryptocurrencies started fluctuating last week.
The firm, in a statement posted on its website, said that it was facing unusual liquidation pressure due to the fluctuation of the crypto market.
The decision, Babel Finance added, was in the best interest of its customers.
The firm promised to keep its customers informed about any new development while assuring them that it was trying its best to limit them from risk or losses.
Having survived the fall of Luna and stable coin UST, the crypto asset manager is now in the public eye.
At that time, Babel had limited its transactions to stablecoins such as Ethereum and Bitcoin.
Having raised the sum of $120 million in equity financing from its inception today, Babel Finance had set a target to lead in institutional financial services and innovation.
Recently, the group had generated $2 billion in its $80 million Series B funding round, which it intends to use the money to fund its global expansion, having already applied for licenses in countries around the world, including the UK, Luxembourg, and Hong Kong.
According to the firm, the crypto financial market is full of opportunities and hidden risks, which is why it is paying attention to the long-term development of the industry to lead in institutional financial services and innovation.
The startup boasts of a loan balance of over $3 billion and an average monthly trading volume of $800 million in derivatives at the end of 2021.
It had structured and traded more than $20 billion in options products.
The firm currently serves a group of 500-plus organizations in crypto lending and borrowing as well as portfolio management.