Crypto Futures Exchange CoinFlex Suspends Withdrawals Citing Counterparty ‘Uncertainty’ 

Share Article
In Brief
  • CoinFlex halted all withdrawals citing "extreme market conditions and continued uncertainty involving a counterparty."

  • It becomes the latest crypto entity to either halt or limit withdrawals after Celsius, Babel Finance, Finblox, and Voyager Digital.

  • FLEX coin fell more than 4% following the news.

  • promo

    Deposit and make your first trade for up to $3,000 in rewards Get Started Now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Cryptocurrency futures exchange CoinFlex has temporarily suspended all withdrawals citing “extreme market conditions and continued uncertainty involving a counterparty.”

● In a blog post on Thursday, CEO Mark Lamb clarified that the ‘counterparty’ in question was not Three Arrows Capital, the crypto hedge fund currently facing severe solvency problems, “or any lending firm.”

● This later part effectively excludes both Celsius and BlockFi, two popular crypto companies that are also in a financial meltdown. Lamb said CoinFlex expects to resume withdrawals “in a better position as soon as possible.”

● “We will also be halting all FLEX coin trading in perps [perpetual swaps] and spot [trading] in the short term,” he added. FLEX is native to the exchange and is used to pay for trading fees at a much lower cost.

● “We are confident that this situation can be repaired fully with a restoration of all functionality, namely withdrawals,” said Lamb. CoinFlex becomes the latest crypto entity to either halt or limit withdrawals after Celsius, Babel Finance, Finblox, and Voyager Digital.

● FLEX coin fell 4.1% to $4.31 following the news. The coin has tanked 43% since reaching an all-time high of $7.56 in December, according to CoinGecko.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

Jeffrey Gogo is a Zimbabwean financial journalist with more than 18 years of experience covering local and global financial markets; economic and company news. A climate change enthusiast, Gogo first encountered bitcoin in 2014 and began covering crypto markets in 2017.

Follow Author

Make your first deposit and trade now to earn up to $3,000 in rewards!      

Join

UUEX airdrop: Sign up to get 50 USDT, you can Withdraw to Wallet

Sign up

Poloniex.com - Earn up to 30% staking rewards anytime with our mobile app

Install now