Babel Finance has suspended withdrawals and redemptions, a notice from the company says.
It comes as he notes that the crypto has seen “major swings” and some industry players have seen “driver risk events.”
Because of this, Babel experienced “unusual” liquidity pressures, the company said.
“We are in close communication with all related parties on the steps we are taking to best protect our customers. During this period, redemptions and withdrawals of Babel Finance products will be temporarily suspended and the resumption of normal service will be notified separately. We sincerely apologize for any inconvenience caused.
Meanwhile, FTX has announced that it will buy Bitvo, a Canadian crypto asset trading platform, which is registered as a restricted broker under the securities laws of Canadian provinces and territories.
FTX’s mission is to provide products to global customers.
Bitvo’s mission is to provide Canadians with a safe and easy new way to buy, sell and trade crypto assets. As a restricted dealer, the company can offer in-country crypto asset trading services.
In other news, MakerDAO, a decentralized organization backing stablecoin DAI, suspended deposit and minting of the token on crypto lending platform Aave, Bloomberg wrote.
The organization has voted to disable the DAI direct deposit module on Aave. This will prevent traders from borrowing the stablecoin for a struggling derivative token, stETH. The organization said the reason was unfavorable market conditions.
Additionally, Panamanian President Laurentizo Cortizo partially rejected a bill regulating the use of crypto to buy things, Coindesk wrote.
Cortizo said it was a “new proposal” but that the initiative would come with “adjustment to the standards that govern our financial system.”
He said it was important to bring everything in line with the recommendations of the Financial Action Task Force (FATF). He did not veto the entire bill – the partial veto comes as Panama is on the FATF’s ‘grey list’, which has asked it to have an ‘action plan’ to here June.
Finally, BitOasis, the United Arab Emirates-focused Middle East-focused crypto exchange, laid off nine of its employees, Reuters wrote, representing almost 5% of the company’s total workforce.
This comes as many such companies are shedding jobs due to the slowdown and turmoil in the market.
The company was founded in Dubai in 2015 and serves English and Arabic speaking customers in the Gulf.
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Today In Crypto: Babel Finance Stops Withdrawals
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