US EditionCrypto lender BlockFills suspends withdrawals amid faltering bitcoin price
BlockFills paused deposits and withdrawals to protect clients amid bitcoin's 50% drop since October, while allowing spot and derivatives trading to continue, the firm said.
- On Feb 11, BlockFills, crypto liquidity provider and lender, temporarily suspended client deposits and withdrawals amid market strains and restricted some trading last week.
- Heavy liquidations and bitcoin briefly falling below $60,000 last week triggered BlockFills to suspend deposits and withdrawals, as the market faced a sharp selloff.
- The firm, which serves more than 2,000 institutional clients, facilitated more than $61.1 billion in trading volume last year and raised $6 million in 2021 plus $37 million in 2022, backed by Susquehanna Private Equity Investments and CME Ventures.
- Clients remain able to trade, opening and closing spot and derivatives positions under select circumstances, but the firm gave no timeline for resuming withdrawals and is working with investors and clients to restore liquidity.
- The Financial Times first reported BlockFills' suspension of withdrawals, recalling 2022 crypto winter and seen as a knock‑on impact from the latest crypto market drop.
20 Articles
20 Articles
Crypto lender BlockFills suspends withdrawals for clients in latest blow to the blockchain sector
BlockFills, a crypto trading platform, will temporarily prohibit customers from depositing and withdrawing funds. It is the latest sign of trouble for the digital assets industry, which has been beset by plunging prices and unease over its future. Chicago-based BlockFills announced the decision in a statement on Wednesday, saying that it was doing so to further the protection of clients and the firm. A spokesperson for BlockFills declined to pr…
The US cryptocurrency trading platform BlockFills announced on Wednesday the suspension of withdrawals and deposits for its customers, a decision justified by the "recent market and financial conditions", against the background of digital currency decline, the bitcoin in the lead.
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