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 perps and spot 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.
Read more about
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
