CoinFLEX Follows Celsius in Suspending Withdrawals #CoinFLEX #Celsius #Suspending #Withdrawals Welcome to JibGlobe, here is the new resources we have for you today:
The cryptocurrency exchange CoinFLEX has suspended customer withdrawals due to harsh market conditions.
CoinFLEX is at least the third company to limit services this month after Celsius and Babel took similar actions.
The exchange is moderately large, but its decision does not seem to have impacted the crypto market.
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Crypto exchange CoinFLEX has paused withdrawals, adding to a growing list of crypto firms limiting their services.
CoinFLEX Suspends Withdrawals
In a statement today, CoinFLEX cited “extreme market conditions last week [and] continued uncertainty involving a counterparty” as its reason for pausing all withdrawals.
CoinFLEX added that the counterparty in question is not 3 Arrows Capital or any other lending firm. 3 Arrows Capital is a crypto hedge fund that is facing rumors of insolvency, a possibility that could affect several other crypto companies.
In addition to halting withdrawals, CoinFLEX also said that it would suspend trading of its native token FLEX Coin (FLEX). This applies both to perpetual and spot trading.
The company said that it would provide an update on June 27. It aims to resume withdrawals by June 30.
Celsius Started the Trend
CoinFLEX is at least the third crypto company this month to stop withdrawals. Celsius began the trend by suspending withdrawals on June 13. Babel Finance followed suit on June 17.
Additionally, Bancor paused an investor protection program called Impermanent Loss Protection due to hostile market conditions. It did not suspend withdrawals, unlike the others.