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Institutional cryptocurrency platform BlockFills allegedly suspends withdrawals and limits trading activities.
It’s reminiscent of 2022, when various cryptocurrency platforms had to halt withdrawals as prices declined.
BlockFills halts withdrawals (Nadine Shaabana/Unsplash)
What to know:
- Institutional cryptocurrency trading platform BlockFills has suspended withdrawals and limited trading, as reported by multiple sources.
- The firm recorded $60 billion in trading volume last year.
- This development mirrors the 2022 crypto winter when several companies halted withdrawals amidst a market downturn.
In the face of significant, predominantly downward price movements in the cryptocurrency markets, BlockFills has suspended withdrawals and imposed trading restrictions on its platform, as reported by Mining Mag and the Financial Times.
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Located in Chicago and partially supported by market-making firm Susquehanna Investment Group, BlockFills experienced $60 billion in trading volume last year, according to the FT.
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"In response to recent market and financial circumstances, and to enhance the protection of clients and the firm, BlockFills made the decision last week to temporarily halt client deposits and withdrawals," a representative stated to the newspaper.
"Clients have been able to keep trading with BlockFills for the purpose of opening and closing positions in both spot and derivatives trading, along with certain other scenarios," the representative noted.
BlockFills’ actions arrive as the protracted decline in cryptocurrency values escalated into a significant crash last week. Bitcoin fell to as low as $60,000 before recovering to its current value of $67,000, which is still approximately 50% lower than its all-time high last October.
This action echoes the events of 2022’s crypto winter, during which many platforms were compelled to suspend withdrawals as the bear market intensified, with numerous firms ultimately failing.
