Another cryptocurrency platform has frozen user withdrawals in response to the bear market.
Crypto derivatives exchange CoinFLEX today announced that it is discontinuing account withdrawals on its platform, citing trouble with a counterparty. “Due to extreme market conditions last week & continued uncertainty involving a counterparty, today we are announcing that we are pausing all withdrawals,” CEO Mark Lamb wrote in a company blog post today.
According to the statement, withdrawals will be resumed “as soon as possible” once the company is in a “better position.” No specific date was given, however.
In addition, all futures and spot trading for the company’s native cryptocurrency, FLEX coin, will be put on hold. The coin is used by CoinFLEX customers to reduce trading fees on the exchange, not unlike Binance’s BNB.
CoinFLEX clarified, however, that the troubled counterparty in question is not Three Arrows Capital (also known as 3AC) “or any lending firm,” which would include...
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