Crypto lender BlockFills has temporarily suspended client deposits and withdrawals due to market volatility, as explained in a recent statement from the company. The move aims to protect both clients and the firm during these turbulent times.

Halting Client Transactions

As per the announcement, while all transactions are stalled, clients will still be able to access trading services. This includes opening and closing positions in both spot and derivatives markets, alongside select conditions stipulated by BlockFills.

This suspension is likely to impact approximately 2,000 institutional clients, such as asset managers and hedge funds, all of whom are required to hold a minimum of $10 million in crypto assets. Collectively, these clients accounted for over $60 billion in trading volume on the platform in 2025.

The management at BlockFills has been cooperating closely with investors and clients to manage the situation and recover liquidity within the platform.

“BlockFills is committed to transparency in its communications and the protection of its clients. Management has been working hand in hand with investors and clients to resolve this issue rapidly and restore liquidity to the platform. The firm has also maintained an active dialogue with our clients throughout this process, including information sessions to address their questions.”

Crypto Market Challenges

This decision comes amidst a wider downturn in the crypto market, reminiscent of the turbulence following the FTX collapse in 2022. Bitcoin prices began their decline on October 10, following a social media update by US President Donald Trump regarding tariffs, which sparked increased volatility and led to nearly $20 billion in liquidations across the market.

Bitcoin’s value continued to drop significantly, falling below $65,000, over 45% down from its October peaks, with a year-to-date low hitting $60,008 on February 5. Additionally, stalled US crypto legislation has further dampened market sentiment.