Crypto Lender Babel Freezes Withdrawals as Industry Pain Spreads

(Bloomberg) — In a sign of deepening turmoil in the cryptocurrency industry, 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 on what it called a temporary measure.