Hong Kong-Based Crypto Firm Suspends Withdrawals Less Than a Month After Closing $80,000,000 Funding Round

Hong Kong-Based Crypto Firm Suspends Withdrawals Less Than a Month After Closing $80,000,000 Funding Round


A Hong Kong-based crypto financial service provider is freezing withdrawals within weeks of closing a multi-million-dollar funding round.

Babel Finance, which primarily works with institutional investors, and high-net-worth individuals, announced the firm is temporarily suspending customer withdrawals due to crypto market volatility and liquidity issues.

“Recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events. Due to the current situation, Babel Finance is facing unusual liquidity pressures.

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We are in close communication with all related parties on the actions we are taking in order to best protect our customers.

During this period, redemptions and withdrawals from Babel Finance products will be temporarily suspended, and resumption of normal service be notified separately. We apologize sincerely

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