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Just weeks after announcing an $80 million Series B that valued the company at $2 billion, Hong Kong-based has frozen redemptions and withdrawals on its platform.

The crypto lender and trader for institutional investors becomes the second lending platform in a week to halt transactions as a result of the severe downturn in the crypto market.

Last weekend, crypto lending platform suspended withdrawals, swaps and transfers due to 鈥�.鈥� The company pays interest on crypto deposits and loans it out for return, allowing users to bypass more traditional banks.

In a on its website, Babel said it is following suit due to the 鈥渕ajor fluctuations鈥� the crypto market has seen.

鈥淒ue to the current situation, Babel Finance is facing unusual liquidity pressures,鈥� the posting reads. 鈥淲e are in close communication with all related parties on the actions we are taking in order to best protect our customers. During this period, redemptions and withdrawals from Babel Finance products will be temporarily suspended, and resumption of normal service be notified separately.鈥�

It was just in late May when Babel announced it was valued at $2 billion after a fundraise that included cash from and . , and also have invested in the company, according to Crunchbase.

This week has been one to forget for crypto enthusiasts. The two largest crypto currencies by market cap鈥擝itcoin and Ether鈥攈ave lost more than half their value from just six months ago. In addition, the world鈥檚 largest cryptocurrency exchange by trading volume, , had to temporarily pause Bitcoin withdrawals 鈥�,鈥� and large crypto platforms like and announced significant layoffs.

Further reading:

• Mergers & Money: As Summer Approaches, Emerging Crypto Winter Gets Darker
• Crypto Market Tumult Drops Bitcoin To 18-Month Low
• Crypto Bear Market Here A While
• Mergers & Money: The Instability Of Stablecoins

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