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CoinFLEX latest crypto exchange on withdrawal freeze

·1 min read

CoinFLEX is freezing withdrawals due extreme market conditions and uncertainty involving a counterparty, the cryptocurrency futures exchange said in a blog post on Friday.

See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto

Fast facts

  • CoinFLEX stressed the counterparty in question was not Three Arrows Capital Ltd., the crypto hedge fund that is reportedly at risk of insolvency.

  • The exchange said it will halt perpetuals and spot trading in its FLEX Coin in the short term.

  • Withdrawal functionality is estimated to return on June 30, according to the blog post.

  • CoinFLEX joins a growing list of cryptocurrency service providers that includes Celsius Network, Babel Finance and Finbox to limit or halt withdrawals.

  • CoinFLEX declined to comment for this story.

See related article: Crypto self-custody is no longer a choice. It’s an imperative.

CoinFLEX is a sponsor of Forkast.