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.

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