Cryptocurrency futures exchange CoinFlex has temporarily suspended all withdrawals citing “extreme market conditions and continued uncertainty involving a counterparty.”
● In a blog post on Thursday, CEO Mark Lamb clarified that the ‘counterparty’ in question was not Three Arrows Capital, the crypto hedge fund currently facing severe , “or any lending firm.”
● This later part effectively excludes both Celsius and BlockFi, two popular crypto companies that are also in a. Lamb said CoinFlex expects to resume withdrawals “in a better position as soon as possible.”
● “We will also be halting all FLEX coin trading in perps [perpetual swaps] and spot [trading] in the short term,” he added. FLEX is native to the exchange and is used to pay for trading fees at a much lower cost.
● “We are confident that this situation can be repaired fully with a restoration of all functionality, namely withdrawals,” said Lamb. CoinFlex becomes the latest crypto entity to eitherafter Celsius, Babel Finance, Finblox, and Voyager Digital.
● FLEX coin fell 4.1% to $4.31 following the news. The coin has tanked 43% since reaching an all-time high of $7.56 in December, according to CoinGecko.
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