{"id":63061,"date":"2022-06-17T14:21:09","date_gmt":"2022-06-17T11:21:09","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63061"},"modified":"2025-09-05T21:47:18","modified_gmt":"2025-09-05T18:47:18","slug":"babel-finance-one-of-asias-largest-crypto-lenders-suspends-withdrawals-and-payments","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/babel-finance-one-of-asias-largest-crypto-lenders-suspends-withdrawals-and-payments\/","title":{"rendered":"Babel Finance, one of Asia\u2019s largest crypto lenders, suspends withdrawals and payments"},"content":{"rendered":"

The crypto-finance provider Babel Finance said it was suspending payments and withdrawals from its own products due to liquidity shortages. \u0433\u043e\u0432\u043e\u0440\u0438\u0442\u0441\u044f<\/a> on the site.<\/p>\n

\n

\u201cRecently there has been significant volatility in the cryptocurrency market [\u2026]. Due to the current situation, Babel Finance faced an unusual liquidity shortage,\u201d the company said.<\/p>\n<\/blockquote>\n

Babel Finance is one of the largest cryptocurrency lenders and asset managers in the Asia-Pacific region.<\/p>\n

As of the end of 2021 the firm reported an outstanding loan balance of more than $3 billion, with an average monthly trading volume of crypto-derivative products amounting to $800 million.<\/p>\n

In May 2021, the firm raised $40 million<\/a> in a Series A round. Since then the Babel Finance team has grown from 50 people to more than 170.<\/p>\n

In September the company opened its headquarters in Singapore<\/a>. The unit was led by former Bank of Singapore employee Shanshan Yu.<\/p>\n

In May 2022 the firm closed a Series B round of $80 million<\/a> at a $2 billion valuation. Leading investors were Jeneration Capital and 10T Holdings with participation from Circle Ventures, several Southeast Asian family offices and existing shareholders Dragonfly Capital and BAI Capital.<\/p>\n

Earlier in June the Celsius crypto-lending platform suspended withdrawals, exchanges and transfers between accounts<\/a> due to \u201cextreme market conditions\u201d.<\/p>\n

On June 15, The Wall Street Journal reported that Celsius hired lawyers from the law firm Akin Gump Strauss Hauer & Feld \u0434\u043b\u044f \u0432\u043e\u0437\u043c\u043e\u0436\u043d\u043e\u0439 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u043e\u0439 \u0440\u0435\u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0438\u0437\u0430\u0446\u0438\u0438<\/a>.<\/p>\n

Journalists emphasised that the platform’s original aim was to attract capital from investors. According to The Block, to address this task the company turned to the financial conglomerate Citigroup<\/a>.<\/p>\n

Earlier, an expert called<\/a> Celsius’ bankruptcy practically inevitable, and WSJ sources said that investment firm WestCap and the Caisse de d\u00e9p\u00f4t et Placement du Qu\u00e9bec pension fund will refrain from making new investments<\/a> in the crypto-lending platform.<\/p>\n

Follow ForkLog’s bitcoin news on our Telegram<\/a> \u2014 news on cryptocurrencies, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto-finance provider Babel Finance said it was suspending payments and withdrawals from its own products due to liquidity shortages. This was reported on the site.<\/p>\n","protected":false},"author":1,"featured_media":63062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2314,1269],"class_list":["post-63061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-babel-finance","tag-cryptocurrencies"],"aioseo_notices":[],"amp_enabled":true,"views":"30","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=63061"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63061\/revisions"}],"predecessor-version":[{"id":63063,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63061\/revisions\/63063"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/63062"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=63061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=63061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=63061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}