🚨 Time is Running Out: Reserve Your Spot in the Lucky Draw & Claim Rewards! START NOW
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

Video Courses
Video Courses
Scale your career with online video courses. Dive into your learning adventure!

Hong Kong-Based Crypto Lender Babel Finance Pauses Withdrawals and Redemptions

Hong Kong-Based Crypto Lender Babel Finance Pauses Withdrawals and Redemptions

The firm mentioned that it is closely communicating "with all related parties and will share updates" shortly.

On June 17, crypto lending platform Babel Finance issued a statement, indicating that the firm would be temporarily pausing its withdrawals and redemptions. The news comes amid harsh crypto market conditions as “some institutions in the industry have experienced conductive risk events.”

According to the official announcement, Babel Finance experienced some “unusual liquidity pressures,” however, the company is closely communicating with all people involved and promises to do everything in its power to protect the customers.

How to Invest in Crypto: 6 Rewarding Strategies (Animated)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

How to Invest in Crypto: 6 Rewarding Strategies (Animated)

How to Invest in Crypto: 6 Rewarding Strategies (Animated) How to Invest in Crypto: 6 Rewarding Strategies (Animated)

Currently, it is not clear when the withdrawals and redemptions will recommence, “resumption of normal service be notified separately,” the platform added.

Hong Kong’s Babel Finance, founded in 2018, is one of the leading crypto lending firms that act as an intermediary between Asia and the West. The company focuses mostly on Bitcoin (BTC), Ether (ETH), and stablecoins, while serving around 500 clients.

At the end of 2021, Babel had a loan balance of over $3 billion, while at the beginning of this year, it managed to collect $40 million in a Series A funding round. Likewise, on May 25, the world's leading crypto financial services provider stated that it also raised $80 million in a Series B fundraising round.

In fact, Babel Finance is the latest to join the “withdrawal-restricting crypto firms” club. Earlier in June, Celsius reported that it would be pausing all withdrawals and transfers between accounts due to the current crypto bear market. For that reason, on June 14, the company reportedly hired restructuring lawyers to find solutions to its financial challenges.

Later this month, rival staking platform Finblox also made a similar announcement and stated that it would be tightening its daily withdrawals limits to $500, and monthly withdrawals to $1.5K.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.



Earn Huge Exclusive Binance Learners Rewards