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 at 4:15 p.m. UTC
![CoinFLEX has halted withdrawals. (FLY:D/Unsplash, modified by CoinDesk)](https://www.coindesk.com/resizer/Hihkz_KKznfJ251yw2bBz8SN0zY=/567x378/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/XQ36WO4CRBE5VLWNFIAWXGTXZU.jpg)
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.
UPDATE (June 23, 2022, 18:43 UTC): Adds bullet point on spinoff.