CoinFLEX Pauses Withdrawals Amid ‘Extreme Market Conditions’ and Counterparty Uncertainty

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.