Amid strong, mostly downward, volatility in cryptocurrency markets, BlockFills halted withdrawals and restricted trading on its platform, according to reports from Mining Mag and the Financial Times.
Based in Chicago and backed in part by market-making giant Susquehanna Investment Group, BlockFills posted trading volume of $60 billion last year, according to the Financial Times.
“In light of recent financial and market conditions, and to increase customer and company protection, BlockFills took the step last week to temporarily suspend customer deposits and withdrawals,” a spokesperson told the newspaper.
“Clients have been able to continue trading with BlockFills for the purposes of opening and closing positions in spot and derivatives trading and select other circumstances,” the spokesperson said.
BlockFills’ moves come as a months-long decline in cryptocurrency prices accelerated into an all-out decline last week. bitcoin It plummeted to a low of $60,000 before rebounding to the current $67,000, still 50% off its all-time high from last October.
The action is reminiscent of the crypto winter of 2022, in which numerous platforms were forced to suspend withdrawals as the bear market deepened, and many of them eventually collapsed.
