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.

Why is soliceswap suspending payouts and withdrawals?

Crypto financial service provider Soliceswap has announced it is suspending payouts and withdrawals from its own products due to lack of liquidity. This is stated on the website. “Recently, there has been some serious volatility in the cryptocurrency market […].

Why was the withdrawal function suspended?

"After investigation, we found that the withdraw function was suspended due to the withdrawal risk control. If you cannot pass the self-help process online, please provide us with the following information for the account verification and we are going to help you through the ticket.