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Crypto Futures Exchange CoinFlex Suspends Withdrawals Citing Counterparty ‘Uncertainty’

Cryptocurrency futures exchange CoinFlex has actually momentarily suspended all withdrawals mentioning “severe market conditions and continued unpredictability including a counterparty.”

● In a post on Thursday, CEO Mark Lamb clarified that the ‘counterparty’ in concern was not Three Arrows Capital, the crypto hedge fund presently dealing with extreme solvency issues, “or any loaning company.”

● This later part efficiently leaves out both Celsius and BlockFi, 2 popular crypto business that are likewise in a monetary disaster Lamb stated CoinFlex anticipates to resume withdrawals “in a much better position as quickly as possible.”

● “We will likewise be stopping all FLEX coin trading in perps [perpetual swaps] and area [trading] in the short-term,” he included. FLEX is belonging to the exchange and is utilized to spend for trading costs at a much lower expense.

● “We are positive that this scenario can be fixed completely with a remediation of all performance, particularly withdrawals,” stated Lamb. CoinFlex ends up being the current crypto entity to either stop or limitation withdrawals after Celsius, Babel Finance, Finblox, and Voyager Digital.

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

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