Babel Finance, which is based in Hong Kong and boasts a customer base of 500,Friday that withdrawals from its services will be"temporarily suspended" as cryptocurrencies face a brutal and widespread selloff.
"The crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events," BabelBabel did not immediately respond to Insider's request for comment.reported, and only allows the trading and lending of bitcoin, ethereum, and stablecoins. It's also not the only lending platform to halt withdrawals as liquidity pressures mount amid a worsening market rout.
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