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

The counterparty is not crypto hedge fund Three Arrows Capital, CoinFLEX's CEO said.

AccessTimeIconJun 23, 2022 at 6:30 p.m. UTC
Updated Jun 23, 2022 at 6:55 p.m. UTC

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

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.

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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.