Why did Babel finance suspend client withdrawals?

Babel Finance, the Asia-based crypto financial services firm, suspended client withdrawals amid turbulence in crypto markets. "Due to the current situation, Babel Finance is facing unusual liquidity pressures," according to a notice on its website on Friday.

Is Babel finance facing unusual liquidity pressures?

"Babel Finance is facing unusual liquidity pressures," the statement reads, before alluding to major fluctuations in the market and "conductive risk events" among institutional market participants. Last month, Babel raised $80 million in a Series B round with a valuation of $2 billion.

How much did Babel finance raise last month?

Last month, Babel raised $80 million in a Series B round with a valuation of $2 billion. At the end of 2021, Babel Finance had an outstanding loan balance of over $3 billion, up from $2 billion the previous February. It averaged $800 million in monthly derivatives trading volume and had structured and traded over $20 billion in options products.