Babel Finance Suspends Withdrawals, Citing 'Unusual Liquidity Pressures'

Babel Finance, the Asia-based crypto financial services firm, suspended client withdrawals five days after a similar move by Celsius triggered a fresh bout of turbulence in crypto markets. From a report: 'Due to the current situation, Babel Finance is facing unusual liquidity pressures,' Babel said in a notice on its website on Friday. 'During this period, redemptions and withdrawals from Babel Finance products will be temporarily suspended.' A spokesperson for Babel said it's taking action to best protect the interests of clients. The firm promised a follow-up announcement once normal service has resumed.

Read more of this story at Slashdot.