Hong Kong-based crypto financial services company Babel Finance has suspended payments and withdrawals due to liquidity problems.
Babel Finance, Friday, June 17 made a statement on its official website. “extraordinary liquidity pressures” citing reasons suspends payments and withdrawals announced.
Babel Finance The statement made the following statements:
The cryptocurrency market has seen huge volatility lately and some institutions in the industry have experienced conductive risk events. Babel Finance is facing unusual liquidity pressures due to the current situation. We are in close contact with all relevant parties within the measures we take to protect our customers in the best possible way. During this time, payments and withdrawals from Babel Finance products will be temporarily suspended and normal service will be notified separately. We apologize for any inconvenience.
Babel Financein a funding round last month 2 billion dollars by valuation 80 million dollars had collected.