Asia based crypto financial service provider Babel Finance announced on its website earlier today that withdrawals and some other operations will be stopped temporarily. The company cited “unusual liquidity pressure” as what led it to make the decision.
More crypto crises erupt during this seemingly unending bear run
It doesn’t seem like the reverberating meltdown of some crypto financial organisations will end soon as we now wake up to news of one crisis or the other happening in the crypto space. The freshest one being Three arrows capital scandal.
There might be another crisis on the way as another company which provides lending and saving services Babel Finance has just halted Withdrawals “temporarily”.
According to the statement on their website, the decision was taken due to major market volatility, the same reason Celsius network had to pause withdrawals. As a matter of fact, this volatility has seen industry giants fall like a pack of cards and the question “who is next?” is on everyone’s lips.
On resolving the issue, the company stated,
