Today in Crypto: Babel Finance Stops Withdrawals; MakerDAO Suspends Some Activity on Aave

Babel Finance has suspended its withdrawals and redemptions, a company notice said.

This comes as it notes that the crypto has seen “major fluctuations” and some industry players have seen “conductive risk events.”

Because of that, Babel has been seeing “unusual” liquidity pressures, the company said.

“We 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. We apologize sincerely for any inconvenience caused.”

Meanwhile, FTX has said it will be buying Bitvo, a Canadian crypto asset trading platform, which is registered as a restricted dealer under the securities law of Canadian provinces and territories.

FTX’s mission is to provide products to global customers.

Bitvo’s mission is to get Canadians a new secure, easy way to buy, sell and trade crypto assets. As a restricted dealer, the company can offer crypto asset trading services in the country.

In other news, MakerDAO, a decentralized organization supporting the DAI stablecoin, has suspended the token from being deposited and minted in the Aave crypto lending platform, Bloomberg wrote.

The organization has voted to disable the DAI Direct Deposit Module on Aave. This will prevent traders from borrowing the stablecoin against a troubled derivative token, stETH. The organization said the reason was the adverse market conditions going on.

Furthermore, Panama president Laurentizo Cortizo has partially shot down a bill regulating crypto use for buying things, Coindesk wrote.

Cortizo said it was a “novel proposal” but that the initiative would come with “adaptation to the norms that regulate our financial system.”

He said it was important to conform it all with the recommendations with the Financial Action Task Force (FATF). He didn’t veto the whole bill—the partial veto comes as Panama is on the “grey list” from the FATF, which asked it to have an “action plan” by June.

Finally, BitOasis, the Middle East-focused crypto exchange from the UAE, has laid off nine of its staff, Reuters wrote, coming out to almost 5% of the company’s overall workforce.

This comes as many such companies are cutting jobs due to the downturn and market turmoil.

The company was founded in Dubai in 2015, and serves English and Arabic speaking customers in the Gulf.

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