Crypto trading platform for institutions BlockFills has temporarily paused withdrawals and restricted certain trading activities in view of the intensified market volatility.
The Chicago-based firm has announced that the decision was taken to protect both clients and the company during volatile financial conditions.
Reports state that, under specific circumstances, clients are still able to open and close positions in the spot and derivatives markets. This action was in response to a severe decline in cryptocurrency prices. Lately, Bitcoin suffered a substantial fall before partially rebounding.
BlockFills is a major participant in institutional cryptocurrency markets, having reportedly handled almost $60 billion in trading volume last year.
Although market players have made analogies to past market downturns, the business does not believe there are more serious structural problems. Given the increased uncertainty and price volatility in the larger cryptocurrency market, the suspension seems to be preventive for the time being.
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