Crypto Lender Babel Freezes Withdrawals as Industry Pain Spreads
Comment of the Day

June 17 2022

Commentary by Eoin Treacy

Crypto Lender Babel Freezes Withdrawals as Industry Pain Spreads

This article for Bloomberg may be of interest to subscribers. Here is a section:

In a sign of deepening turmoil in the crypto community, Babel Finance became the second major digital-asset lender this week to freeze withdrawals, telling clients it is facing “unusual liquidity pressures” as it contends with recent market declines.

“The crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events,” the Asia-based lender and asset manager said in a notice on its website to explain the temporary measure.

Eoin Treacy's view

Another day, another crypto exchange declines to allow withdrawals. Cryptocurrencies are pure liquidity plays so they are unlikely to recover until there is clear visibility on where the next outsized round of new money is going to come from.

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