Amid high, mostly downward volatility in crypto markets, BlockFills has 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 recorded $60 billion in trading volume last year, according to the FT.
“In light of recent market and financial conditions, and to further protect customers and the company, BlockFills took action last week by temporarily suspending customer deposits and withdrawals,” a spokesperson told the newspaper.
“Customers were able to continue trading with BlockFills for the purpose of opening and closing positions in spot and derivatives trading and in other circumstances,” the spokesperson said.
BlockFills’ moves come as the months-long decline in crypto prices accelerated and turned into a full-blown crash last week. Bitcoin plunged as low as $60,000 before rebounding to its current level of $67,000, still down about 50% from its record high last October.
This action is reminiscent of the crypto winter of 2022, which saw many platforms forced to suspend withdrawals as the bear market deepened, and many eventually collapsing.
