BlockFills Halts Withdrawals Amid Crypto Market Downturn

Chicago-based crypto trading platform cites "recent market and financial conditions" as reason for suspending client deposits and withdrawals.

Published on Feb. 12, 2026

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BlockFills, a Chicago-based cryptocurrency trading platform that handles around $60 billion in annual trading volume, has temporarily suspended client deposits and withdrawals. The company cited "recent market and financial conditions" as the reason for the action, raising concerns about the stability of the broader digital asset market.

Why it matters

BlockFills' move is reminiscent of the crypto industry turmoil seen in 2022, when a number of high-profile firms like Celsius and BlockFi faced liquidity issues and collapsed. The suspension of withdrawals at BlockFills, which serves over 2,000 institutional clients, could have ripple effects across the crypto ecosystem.

The details

BlockFills functions primarily as a crypto lending platform, providing liquidity to borrowers using digital assets as collateral. The company declined to provide further details on the reasons behind the withdrawal halt. The suspension comes amid a significant downturn in cryptocurrency prices, with Bitcoin, Ethereum, and Solana all experiencing substantial losses in recent weeks.

  • BlockFills announced the withdrawal suspension on February 12, 2026.

The players

BlockFills

A Chicago-based cryptocurrency trading platform that handles approximately $60 billion in annual trading volume and serves over 2,000 institutional clients.

Susquehanna Investment Group

The company that backs BlockFills.

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What’s next

The extent to which BlockFills' troubles will affect the broader crypto market remains unclear. The company continues to allow trading for opening and closing positions in spot and derivatives trading under select circumstances.

The takeaway

The suspension of withdrawals at BlockFills underscores the ongoing fragility of the crypto lending ecosystem, as the industry continues to grapple with the fallout from the 2022 'crypto winter'. Investors should remain cautious and diversify their crypto holdings to mitigate risk.