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 payments reporter.

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 payments reporter.

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Michael Bellusci is CoinDesk's crypto payments reporter.

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