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CoinFLEX Pauses Withdrawals Amid ‘Extreme Market Conditions’ and Counterparty Uncertainty
The counterparty is not crypto hedge fund Three Arrows Capital, CoinFLEX's CEO said.
Updated May 11, 2023, 4:15 p.m. Published Jun 23, 2022, 6:30 p.m.
Physical futures crypto exchange CoinFLEX is pausing withdrawals citing “extreme market conditions” along with uncertainty around a certain counterparty, its CEO Mark Lamb said in a blog post Thursday.
- Lamb said the counterparty is not Three Arrows Capital or “any lending firm.”
- CoinFLEX expects to resume withdrawals “in a better position as soon as possible.”
- Additionally, FLEX Coin trading is being halted for perpetual swaps and spot trading in the short term.
- CoinFLEX was spun off from Coinfloor Group in 2019.
Read more: Voyager Digital Cuts Daily Withdrawal Limit to $10K Amid 3AC Exposure
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UPDATE (June 23, 2022, 18:43 UTC): Adds bullet point on spinoff.
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