Crypto trading firm BlockFills has temporarily suspended client deposits and withdrawals, citing recent market and financial conditions.
Summary
- BlockFills has temporarily suspended client deposits and withdrawals, citing challenging market and financial conditions, while allowing trading to continue.
- The halt was implemented last week as Bitcoin experienced sharp volatility, sliding from the low $70,000s to the mid-$60,000s before rebounding.
- The firm says it is working with investors and clients to restore liquidity and will provide updates as the situation develops.
The decision was disclosed in a post shared by the company on X and was described as a protective measure for both clients and the firm.
According to BlockFills, the suspension was implemented last week. While deposits and withdrawals are paused, clients have still been able to trade on the platform. This includes opening and closing positions in spot markets, derivatives trading, and select other situations, the firm said in its statement.
The company did not specify how long the restrictions will remain in place, but emphasized that trading functionality has been maintained to allow clients to manage existing exposure.
Bitcoin price swings during suspension week
The announcement comes amid notable volatility in the broader crypto market. Bitcoin (BTC), the largest cryptocurrency by market value, experienced sharp price swings last week.
BTC slid from a range near the low $70,000s to a weekly low around the mid-$60,000s before rebounding toward $67,000 at press time.
BlockFills said the move was taken to safeguard liquidity during a period of heightened uncertainty.
“Management has been working hand in hand with investors and clients to bring this issue to a swift resolution and to restore liquidity to the platform,” BlockFills said.
In its statement, BlockFills stressed its commitment to transparency. The firm said it has remained in active dialogue with clients, including hosting information sessions and giving customers the opportunity to ask questions directly to senior management.
Updates will continue to be shared as developments occur, according to the company.
The news, shared via the BlockFills X account, comes at a time of increased scrutiny around liquidity management across crypto trading firms, as market volatility continues to test operational resilience.
Source: https://crypto.news/blockfills-halts-deposits-withdrawals-market-stress/
