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Crypto lending platform Babel Finance suspends withdrawals

Crypto lending platform Babel Finance suspends withdrawals

Babel Finance announced the temporary suspension of payments and withdrawals involving Babel products. According to the company, such a decision is caused by an unusual liquidity crisis.

A statement released on the website says the team is in touch with all stakeholders and is taking steps to protect customers.

Babel Finance, a Hong Kong-based company founded in 2018, provides cryptocurrency lending and trading services for Bitcoin, Ethereum, and Stablecoin. The company also offers pooling services for the mining.

In May 2022, the platform raised $80 million in investments, and in May 2021, it raised $40 million. Since then, the Babel Finance team has grown from 50 to more than 170 people. As of March 2021, the company recorded $2 billion in unpaid loans and served more than 500 institutional clients worldwide.

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