Institutional crypto platform BlockFills said halt withdrawals, restrict trading

Core Viewpoint - BlockFills has suspended withdrawals and restricted trading on its platform due to recent market volatility, reflecting concerns over client protection and financial stability [1][2]. Group 1: Company Actions - BlockFills, based in Chicago and backed by Susquehanna Investment Group, reported a trading volume of $60 billion last year [1]. - The company has temporarily suspended client deposits and withdrawals to protect clients and itself amid challenging market conditions [2]. - Clients can still trade to open and close positions in spot and derivatives trading under certain circumstances [2]. Group 2: Market Context - The suspension of services comes as the cryptocurrency market experiences a significant downturn, with Bitcoin (BTC) dropping to a low of $60,000 before recovering to $67,000, which is approximately 50% lower than its peak last October [3]. - This situation is reminiscent of the 2022 crypto winter, where many platforms had to halt withdrawals as the bear market intensified, leading to several collapses [3].