Hong Kong-based asset manager Babel Finance is the latest crypto lending firm to signal the growing crisis of the cryptocurrency lending industry amid the bear market.
Hong Kong-based asset manager Babel Finance is the latest cryptocurrency lending firm experiencing some serious issues amid the ongoing market downturn.Babel Finance officially announced June 17 a temporary suspension of redemptions and withdrawals from its products, citing “unusual liquidity pressures.”“Recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events,” the statement on Babel Finance's website reads.The firm said that it’s in close communication with “all related parties” on the matter and is doing its best in order to best protect its customers.Founded in 2018, Babel Finance is a major cryptocurrency financial services provider, offering crypto lending, asset management and financing services to institutional investors.