Amid sharp, mostly downward volatility in crypto markets, BlockFills has halted withdrawals and limited trading on its platform, according to reports in Mining Mag and the Financial Times.
Based in Chicago and backed in part by market-making giant Susquehanna Investment Group, BlockFills saw $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 firm, BlockFills took the action last week to temporarily suspend client deposits and withdrawals,” a spokesperson told the newspaper.
“Clients have been able to continue trading with BlockFills for the purpose of opening and closing positions in spot and derivatives trading and selecting other circumstances,” the spokesperson said.
BlockFills’ move comes as the months-long slide in crypto prices accelerated to an all-out crash last week. Bitcoin fell to as low as $60,000 before jumping to the current $67,000, still down about 50% from the all-time high last October.
The action is reminiscent of 2022’s crypto winter, when several platforms were forced to suspend withdrawals as the bear market deepened, with many of them eventually collapsing.
