Crypto exchange CoinFLEX has temporarily suspended all withdrawals on its platform. as a result of the current harsh market conditions and problems related to the counterparty
3AC is not the reason for the suspension of CoinFLEX.
CoinFLEX CEO Mark Lamb announceThe news in the blog post said:
“Due to the harsh market conditions last week, and uncertainty associated with the counterparty on an ongoing basis. Today we would like to announce that we are temporarily suspending all withdrawals. We fully expect to be able to resume withdrawals as quickly as possible. We will communicate with you fully when we have more information.”
CoinFLEX also suspends all permanent and short-term spot trading of FLEX tokens. meanwhile The company said the new update will be released on June 27, while withdrawals are expected to resume on June 30.
While the blog post did not name the parties involved, Lamb clarified that the anonymous entity is not a hedge fund like Three Arrows Capital (3AC) or any lending platform.
at the beginning of June Bankruptcy rumors arose around Three Arrows Capital.
Meanwhile, the CoinFLEX CEO is optimistic that things can return to normal, saying: “We are confident that this situation can be fully reversed by restoring all functions such as withdrawals.”
CoinFLEX is the latest crypto company to halt withdrawals this June. After Crypto Credit Giant Celsius Becomes the First Companydoing so on June 13, referring to “extreme market conditions”.
Digital asset lender Babel Finance has also paused its withdrawals due to liquidity issues.
The post CoinFLEX Becomes the Latest Crypto Exchange to Announce a Stop All Withdrawals appeared first on Bitcoin Addict.